BTC/USD: sell-off
- Williams Alligator bearish;
- MACD bearish;
- Awesome Oscillator bearish.
The price of Bitcoin is plunging 14% on Monday after the BTC/USD rate failed to have a success on testing the resistance curve, and breached multiple support levels during the sell-off. Currently, the value of Bitcoin is trading below $24K for the first time since December 2020. All of the intraday timeframes are extremely oversold amid the recent plunge, thus we’d focus on a daily timeframe (see the chart setup below).
The Williams Alligator did not let the bulls to lift the Bitcoin price above the upper line, causing a crush of the ascending formation. The MACD indicator performed a bearish crossover after the lines were heading upwards, reflecting the bullish retracement phase. Besides, MACD histogram dropped into the red zone again. The same pattern is seen on Awesome Oscillator’s window as the indicator went back to negative again.
Pivot points:
R1: 25338.53 (previous bottom);
R2: 29857.55 (WA green line);
S1: 22837.33 (descending trendline);
S2: 20000.00 (round-figure extension).
