Bitcoin Technical Analysis: Bulls fail at $5,500 as price goes down to $5,425

Rajarshi Mitra Independent Analyst

BTC/USD Daily Chart

BTC/USD went down from $5,545 to $5,428 this Wednesday.
The market charts a triangle formation from which it has had a bearish breakout.
Bulls have to defend $5,345 support line to prevent any further descent.
The market is trending above the 200-day simple moving average (SMA 200), SMA 50, and SMA 20 curves.
The signal line is diverging slightly away from the MACD line to indicate an increase in bearish momentum.

BTC/USD 4-Hour Chart

The Ichimoku indicator shows that the current market sentiment is bearish.
The Elliot wave oscillator shows six consecutive bearish sessions.
The second last session found support on the upward trending line.

BTC/USD Hourly Chart

The BTC/USD hourly market is trending above the SMA 200 curve.
The market is trending below both the SMA 20 and SMA 50 curves.
The relative strength index (RSI) curve has turned towards the oversold territory.
The market is trending in the middle of the 20-day Bollinger band.

Key Levels

BTC/USD

Overview
Today last price	5428.14
Today Daily Change	-103.14
Today Daily Change %	-1.86
Today daily open	5531.28

Trends
Daily SMA20	5195.05
Daily SMA50	4489.15
Daily SMA100	4055.11
Daily SMA200	4549.2

Levels
Previous Daily High	5632.53
Previous Daily Low	5363.02
Previous Weekly High	5356.72
Previous Weekly Low	4948.97
Previous Monthly High	4130.71
Previous Monthly Low	3672.34
Daily Fibonacci 38.2%	5529.57
Daily Fibonacci 61.8%	5465.97
Daily Pivot Point S1	5385.36
Daily Pivot Point S2	5239.43
Daily Pivot Point S3	5115.85
Daily Pivot Point R1	5654.87
Daily Pivot Point R2	5778.45
Daily Pivot Point R3	5924.38

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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