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Bitcoin [BTC/USD] Technical Analysis: Bears still in power after flash crash wipes long positions

Bitcoin [BTC] broke out of its sideways movement earlier today, with the coin moving in the direction detrimental to most HODLers. However, the bear might still be in power, as the indicators predict a further suppressed price movement for the coin.

1-hour:

There is a short support uptrend from $6,235 – $6,250, with two downtrends seen from $6,390 – $6,235 and $6,390 – $6,280. Resistances are set at $6,480, with a support-turned-resistance at $6,370. A secondary support is set at $6,235.

The MACD is demonstrating a bearish crossover, as seen by the MA line crossing below the signal line.

The Relative Strength Index recovered from oversold zone after yesterday’s drop and is heading back down into the oversold area.

The Stochastic Indicator is demonstrating a switch from spiking into the overbought zone and is plunging into being oversold.

1-day:

The one-day outlook shows that a support uptrend is visible from $6,185 – $6,256, with a dominant downtrend visible in the price movement from $9,800 – $6,400. Resistance levels are set at $8,385 and $7,360, with supports at $6,130 and $5,850.

The KVO is demonstrating a bearish crossover, as seen by the signal line crossing the histogram as it moves downwards.

The Relative Vigor Index is also flashing a bearish crossover, as the lines continue to move in the downwards area.

The Parabolic SAR is also bearish, as seen by the presence of the dots below the candlesticks.

Conclusion

The bears seem to be in power after yesterday’s sell-off, as the price is showing no signs of recovering from the maul of the bear’s claws. Further, support levels can be seen at $6,235, $6,130 and $5,850.

The post Bitcoin [BTC/USD] Technical Analysis: Bears still in power after flash crash wipes long positions appeared first on AMBCrypto.



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