Bitcoin Price Forecast: BTC/USD bears cancel out Monday’s gains as market comes to a close

BTC/USD bears entered the market after two straight bullish days.
The Elliott Oscillator has plummetted from -14 to -362.27 over the last seven days.

Rajarshi Mitra Independent Analyst

BTC/USD daily chart

BTC/USD has dropped from $9,187.71 to $9,129.30 this Tuesday, following two consecutive bullish days. The price is currently moving in the lower half of the 20-day Bollinger Band. The RSI has been trending in the neutral zone for a long time. Finally, the Elliott Oscillator has plummetted from -14 to -362.27 over the last seven days.

Support and Resistance

BTC/USD has strong resistance at $9,295.65, $9,334.70 (SMA 20), $9,424.50 (SMA 50) and $9,475.25. On the downside, the bears will want to aim for the support levels at $9,125 and $9,006.80 (lower curve of the 20-day Bollinger Band) to continue the downward movement.

Key levels

BTC/USD

Overview
Today last price	9130.23
Today Daily Change	-55.46
Today Daily Change %	-0.60
Today daily open	9185.69

Trends
Daily SMA20	9373.03
Daily SMA50	9407.54
Daily SMA100	8428.06
Daily SMA200	8337.24

Levels
Previous Daily High	9234.4
Previous Daily Low	9017.07
Previous Weekly High	9786.22
Previous Weekly Low	8988.56
Previous Monthly High	10074.48
Previous Monthly Low	8105.58
Daily Fibonacci 38.2%	9151.38
Daily Fibonacci 61.8%	9100.09
Daily Pivot Point S1	9057.04
Daily Pivot Point S2	8928.4
Daily Pivot Point S3	8839.72
Daily Pivot Point R1	9274.37
Daily Pivot Point R2	9363.05
Daily Pivot Point R3	9491.7

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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Bitcoin Price Forecast: BTC/USD bears cancel out Monday’s gains as market comes to a close