Bitcoin Price Analysis: BTC/USD bulls attempt to fight back after heavily bearish Friday

BTC/USD crashed from $7,296.25 to $6,873.74 this Friday.
The Elliott Oscillator has had a red session following 12 straight green sessions.

Rajarshi Mitra Independent Analyst

BTC/USD daily chart

BTC/USD bulls are attempting a comeback in the early hours of Saturday after taking the price up from $6,873.74 to $6,924.50. This followed an intensely bearish Friday wherein BTC/USD crashed from $7,296.25 to $6,873.74. In the process, the price managed to plunge below the upward trending line and the $7,000-level. BTC/USD is presently sandwiched between the SMA 50 and SMA 200 curves. The bulls need to gain enough momentum to push the price up to $7,280.86 to trend above the SMA 50 and the upward trending line. After this Friday’s bearish price action, the Elliott Oscillator has had a red session following 12 straight green sessions.

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.

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BTC/USD daily chart

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