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Bitcoin Price Analysis: BTC/USD consolidates below the red Ichimoku cloud

The RSI indicator is trending at the edge of the overbought zone.
The Elliott Oscillator has had two straight red sessions, following 11 consecutive green sessions.

Rajarshi Mitra Independent Analyst

BTC/USD daily chart

BTC/USD bears remained in control for the third straight day as the price dropped from $8,886 to $8,864. This Monday, the price broke below the upward trending line and it has moved horizontally since then. The daily BTC/USD price is consolidating below the red Ichimoku cloud. The SMA 20 is about to cross over the SMA 200, to potentially chart a bullish cross. The Elliott Oscillator has had two red sessions following 11 consecutive green sessions. The RSI indicator is trending at the edge of the overbought zone, which means that more bearish correction may be around the corner.

BTC/USD hourly chart

The hourly BTC/USD chart shows a tug of war between bulls and bears. The price had dipped from $8,911.30, all the way down to $8,620. The buyers then found some much-needed support and broke past key levels at $8,703 and $8,842.35. The bulls eventually ran out of momentum at the $8,959.35 resistance level and dropped down.

Key levels

BTC/USD

Overview
Today last price	8884.35
Today Daily Change	0.27
Today Daily Change %	0.00
Today daily open	8884.08

Trends
Daily SMA20	7740.99
Daily SMA50	7010.65
Daily SMA100	7998.99
Daily SMA200	7979.7

Levels
Previous Daily High	8971.17
Previous Daily Low	8535.49
Previous Weekly High	9476.83
Previous Weekly Low	7491.5
Previous Monthly High	9476.83
Previous Monthly Low	6156.67
Daily Fibonacci 38.2%	8701.92
Daily Fibonacci 61.8%	8804.74
Daily Pivot Point S1	8622.66
Daily Pivot Point S2	8361.24
Daily Pivot Point S3	8186.98
Daily Pivot Point R1	9058.34
Daily Pivot Point R2	9232.6
Daily Pivot Point R3	9494.02

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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