Bitcoin Price Analysis: Bears retain control after rejection at the $7,800 level

BTC/USD encountered resistance at the upper curve of the 20-day Bollinger Band.
Both the MACD and the Elliott Oscillator show that the overall market sentiment is still bullish.

Rajarshi Mitra Independent Analyst

BTC/USD daily chart

BTC/USD bears retained control as the price went up from $7,758.34 to $7,746.30. This followed a bearish Tuesday wherein the bulls lost steam near the $7,800-level as the price dropped from $7,791.73 to $7,758.34. The price has found consistent resistance 20-day Bollinger Band upper curve. The bulls must overcome resistance at the upper curve and the SMA 200, to continue the upward momentum. The MACD indicates sustained bullish momentum, while the Elliott Oscillator has had seven straight green sessions.

Key levels

BTC/USD

Overview
Today last price	7765.27
Today Daily Change	6.43
Today Daily Change %	0.08
Today daily open	7758.84

Trends
Daily SMA20	7175.01
Daily SMA50	6686.09
Daily SMA100	7980.21
Daily SMA200	7966.53

Levels
Previous Daily High	7795.83
Previous Daily Low	7671.82
Previous Weekly High	7765.01
Previous Weekly Low	6754.64
Previous Monthly High	9215.51
Previous Monthly Low	3886.49
Daily Fibonacci 38.2%	7719.19
Daily Fibonacci 61.8%	7748.46
Daily Pivot Point S1	7688.5
Daily Pivot Point S2	7618.15
Daily Pivot Point S3	7564.49
Daily Pivot Point R1	7812.51
Daily Pivot Point R2	7866.18
Daily Pivot Point R3	7936.52

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.