Bitcoin [BTC] has recently been the brunt of many of the bear’s attacks, dropping almost half its value to the bottom at a price of close to $3500. While the price has currently taken a breather, the market doesn’t seem to have finished bleeding yet.
A short support uptrend is visible from $3605 – $3675, with a dominant downtrend from $ 5495 – $4050. Support levels can be set at $3605 and $3675, with resistances at $4345 and $4750.
The MACD experienced a bearish crossover recently and continues to move downwards.
The Stochastic indicator shows comeback from the oversold zone to occur soon, with the lines crossed over.
The Parabolic SAR is bearish.
There is no visible uptrend, with the downtrends from $5850 – $3775 and $9760 – $8350 obliterating any chance at short-term victory for the bulls. A sole support is set at $3570, with resistances at $4545 and $6145.
The RSI has bottomed out in the oversold zone, indicating a possible recovery.
The RVGI is demonstrating a bullish crossover.
The CMF is slowly making a recovery back towards the 0 line.
As seen in the short-term graph, Bitcoin is currently going through a bearish and repetitive pattern. A short bottom, followed by a quick recovery generally sees the price continue to move downwards. This was seen in yesterday’s hike, with supports at $3605 and $3675 looking ready to be broken as the bear’s gear up for an attack.
The post Bitcoin [BTC/USD] Technical Analysis: Bears move in to take the kill as market’s short term cycle repeats appeared first on AMBCrypto.