Bitcoin [BTC/USD] Technical Analysis: Bears move in to take the kill as market’s short term cycle repeats

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.

1 hour:

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.

1 day:

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.

Conclusion:

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.