Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency cries for help as bear continues to destroy price supports

Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency cries for help as bear continues to destroy price supports

The bear has not been kind to the cryptocurrency market with almost all the coins bleeding red. Bitcoin [BTC], which was speculated to hit highs of $25,000, has gone ahead and fallen below the $5,000 mark, a crash that has sent the entire cryptoverse into a frenzy.

1-hour

The one-hour chart for Bitcoin [BTC] shows a drastic price drop. The support breaks have been quite rapid, with multiple supports breaking one after the other. The new support, at the moment, is at $4499.8 while the immediate resistance is holding at $6,474.6. The downtrends on the chart have been quite visible, with the cryptocurrency falling from $6,474 to $5,673.1, and then falling to $4,615.4.

The Chaikin Money Flow [CMF] indicator has crashed into the bear realm, which indicates that the money flowing out of the market is greater than the inflow.

The Relative Strength Index [RSI] has just begun its trip into the RSI zone after breaking the oversold barrier. This shows that the selling pressure is more than the buying pressure.

1-day

The one-day Bitcoin graph paints a bearish picture all throughout. The indicators too have taken the side of the bear. The current one-day support is at $4,616.8 with the downtrend bringing the price down in two phases: $8,193-$6,493.4 and $6,493.43 -$4,621.

The Bollinger bands indicate the start of a massive price outbreak tending towards the bear zone. The upper band and the lower band have both taken sharp turns in the opposite directions, signifying the price drop to continue for more time.

The MACD indicator shows the signal line and the MACD line falling in tandem after a bearish crossover. The MACD histogram has been flat for a long time with the bearish graph taking over.

Conclusion

Bitcoin’s misery looks to continue for a longer period of time with the prices free-falling beyond expectations. The indicators show that a trend change does not seem to be around the corner,  with the bear currently speeding in the driver’s seat.


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