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BTC/USD Technical Analysis: Bears have control as bulls attempt comeback

BTC/USD Technical Analysis: Bears have control as bulls attempt comeback
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD Daily Chart

  • BTC/USD went down from $5,140 to $5,128 as markets opened this Friday.
  • This Thursday’s session took the price below the 20-day simple moving average (SMA 20) curve.
  • The market is still trending above the SMA 200 and SMA 50 curves.
  • The signal line is diverging away from the MACD line signaling increasing bearish momentum.
  •  Immediate resistance and support lie at $5,140 and $5,045 respectively.

BTC/USD 4-Hour Chart

  • The 4-hour BTC/USD price is trending inside the green cloud of the Ichimoku indicator.
  • The Elliot Wave indicates that market sentiment is currently heavily bearish.

BTC/USD Hourly Chart

  • The relative strength index (RSI) indicator has now moved into the oversold territory.
  • The latest sessions are all trending below the 20-day Bollinger band.
  • The widening of the Bollinger band indicates increasing market volatility. 

Author

Rajarshi Mitra

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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