Bitcoin [BTC/USD] Technical Analysis: Coin takes a dive into the bear’s jaws as HODLers panic

Bitcoin [BTC] has seen one of the largest market drops in its recent history, currently having lost a third of its value over the past week. In this timeframe, the cryptocurrency market has also been stuck in the grip of the bear’s claws, causing a truly red week for HODLers.

1 hour:

A support uptrend is visible from $4245 – $4415 – $4515, with a downtrend from $5420 – $5200 – $4310, reflected in the price movement from $5495 – $4580. A sole support level is present at $4245, with a resistance set at the $5545 mark.

The RSI reveals that buying and selling pressure have evened out, leading to a general sense of balance over the past few days.

The RVGI has recently bounced off the signal line, demonstrating a slight bullish momentum.

The Aroon indicator shows that both down and uptrend are losing power.

1 day:

On the long-term outlook, an uptrend is not visible owing to the sharp downwards price movement from $8390 – $6505 complemented by the fall from $5850 – $4350. As all previous support levels were broken during the fall to below $5000, resistances have now been set at $4545, $5850 and $6145.

The MACD has taken a sharp bearish turn, with both lines diverging downwards owing to the steep drop in the price of the top currency.

The Awesome Oscillator is demonstrating a strong bearish trend, as demonstrated by the exponential growth of the red lines.

The Parabolic  SAR indicator is flashing a bearish signal.

Conclusion:

The market seems to be headed for another bearish turn in the short term, with a longer recovery to be seen in the medium to long-term. Resistances will be tested at $5545, with the support at $4245 representing the last stance for Bitcoin’s bulls.

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