Bitcoin [BTC/USD] Technical Analysis: Doom-December brings terrible tragedy as BTC breaks another major support

Bitcoin [BTC] has collapsed by a massive 12% in less than a day and the prices are currently trading at $3,300 range with market cap losing a whopping 82.35% from its all-time high, and is currently holding at a mere $59.33 billion. The seven-day price change for Bitcoin shows a 19% decrease.

1-hour

The downtrend for BTC in the one-hour time frame extends from $4,750 to $3,375, with no sign of an uptrend for a very long time. Bitcoin has broken the long-standing support at $3.605 and set up a new support at $3,320. The resistance points for Bitcoin can be seen hovering at $4,750 and $4,345.

The Bollinger Bands, as indicated in the chart above, show that it is in a state of expansion as volatility has kicked in. The price candles are collapsing below the simple moving averages, indicating an oversold market.

The MACD indicator shows the lines which have come eerily close to each other and signaling a possible bullish crossover, but it indicates a bearish zone for BTC at the time of writing.

The RSI touched the bottom-most part of the oversold zone and has recuperated as it came near the 30-line.

1-day

The downtrend for Bitcoin prices in the one-day chart shows an extension from $9,799 to $3,433 with no uptrend as usual. The prices in the one-day time frame have broken the strong support at $3,730 and have dipped further down as the collapse seems to have no stop. The resistance points for Bitcoin at $7,360, $8,390, and $9,800 are moving further away from the price candles as the prices dip.

The Aroon indicator shows a perfect depiction of the current scenario for Bitcoin as the Aroon down-line has hit the 100-line indicating that the downtrend is in full strength.

The Chaikin Money Flow has sunk to the negative side of the zero-line indicating that the sell-off is trending and that the buyers have lost control.

The Awesome Oscillator shows red bars hanging below the zero-line which shows that the shorter momentum is rising faster than the longterm momentum.

Conclusion

The one-hour chart as indicated by the indicators above shows a bleak hourly movement for BTC. The one-day is just as bleak as the one-hour chart and the same is indicated by the indicators Aroon, CMF and the Awesome Oscillator.