Much ado about nothing? Was the halving a non-event?

• The MACD indicates a reversal of bullish momentum.
• The bears have retained control for the fourth straight day.

BTC/USD daily chart

BTC/USD fell from $8,727.75 to $8,636.50 as the bears retained control for the fourth straight day. Bitcoin just experienced its third halving event, however, it looks like it isn’t going to be the huge bullish event that many were touting it to be. Currently, many fear that miners may quit the market due to the drop in mining profitability.

The price is trending above the red Ichimoku cloud. The Elliott Oscillator has had two red sessions in a row, while the MACD shows a reversal of bullish momentum. Both these indicators hint that the overall market sentiment is bearish.

On the downside, the buyers must defend the $8,390 and $8,125 support levels. On the upside, there are two strong resistance levels at $8,829.50 and $9,181.45.

Key levels