TL;DR Breakdown

• Bitcoin price analysis reveals that the king has taken a hard blow of over $1,800.
• Current support is found at the $46,750 mark.
• Current resistance is found at the $47,000 mark.

Bitcoin price analysis reveals that the king of cryptocurrency has taken a hard blow to fall down over $1,800 in a flashy crash from the $48,600 range. The king of cryptocurrency was showing bearish tendencies since yesterday, and at the time of writing, the price has fallen down to the $46,000 range. The king of cryptocurrency is trading hands for a fluctuating range between $46,750 and $46,880. The market is now seeing bearish crossovers all over the charts.

BTC/USD 1-day candlestick chart marked with bearish crossovers

The one-day Bitcoin price analysis candlesticks chart is showing the bearish crossovers currently engulfing the cryptocurrency and the market as a whole. The upper Bollinger band is still found above the $50,000 barrier marking the strongest resistance on the chart. The nine-day moving average (SMA 9) is also serving as a bearish crossover at the $48,207 mark, while the current price hovers near the $46,900 mark.

The Bollinger bands’ average is also lingering between the SMA 9 at the $47,498 mark posing as the last bearish crossover on the daily candlesticks chart. The lower Bollinger band is found at the $44303 mark serving as the strongest support mark for the king. The relative strength index (RSI), on the other hand, is serving as one of the most neutral indicators, at the time of writing, with a score of 53.10.

Bitcoin price analysis: 4-hour candlesticks’ chart bleeding red

The four-hour Bitcoin price analysis candlesticks’ chart is bleeding red as a whole with even the lower Bollinger band value serving on the bearish crossover platter. The upper Bollinger band is found at the $49,585 mark serving as the strongest resistance point as usual. While the volatility is increasing the Bollinger bands’ average is also serving as a strong resistance mark above the nine-day moving average with a value of $48,390.

The nine-day moving average is found at the $48,018 mark, displaying another bearish crossover on the chart. The last bearish crossover comes with the lower Bollinger band found well above the current market price. The lower Bollinger band is found at the $47,195 mark. The RSI is, however, leaning towards oversold region with a score of 37.90.

Bitcoin price analysis conclusion

The king of cryptocurrency is engulfed in the bearish corrections between the $46,750 and $46,980 marks. If the current support levels persist, Bitcoin price is likely to take another jab at the $47,000 range and values above that; however, the current bearish streak has left the market shaken. If the current support levels found at the $46,700 region falter, the king of cryptocurrency is likely to fall below the $46,500 and further below that into the $45,000 range. However, the king looks strong at the current support levels and readying up to take a jab at the $47,000 mark in the next few hours.

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