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Bitcoin Price Forecast: BTC/USD bears look to drop price below the $9,400–level

BTC/USD faces bearish correction, following a bullish Wednesday.
The Elliott Oscillator has had five straight green sessions.

Rajarshi Mitra Independent Analyst

BTC/USD daily chart

BTC/USD dropped from $9,437.82 to $9,400.50 in the early hours of Thursday as the bears look to lower the price below the $9,400–level. The price is going through a bearish correction, following a bullish Wednesday. The Elliott Oscillator has had five consecutive green sessions, while the RSI is trending around the neutral zone.

Support and Resistance

BTC/USD has strong resistance levels at $9,438 and $9,613.54. On the downside, healthy support exists at $9,379.40 (SMA 50), $9,344.25, $9,262.34 (SMA 20) and $9,236.

Key levels

BTC/USD

Overview
Today last price	9402.36
Today Daily Change	-35.46
Today Daily Change %	-0.38
Today daily open	9437.82

Trends
Daily SMA20	9251.32
Daily SMA50	9375.5
Daily SMA100	8681.48
Daily SMA200	8432.69

Levels
Previous Daily High	9475.54
Previous Daily Low	9235.15
Previous Weekly High	9298.41
Previous Weekly Low	8933.95
Previous Monthly High	10404.88
Previous Monthly Low	8823.34
Daily Fibonacci 38.2%	9383.71
Daily Fibonacci 61.8%	9326.98
Daily Pivot Point S1	9290.13
Daily Pivot Point S2	9142.44
Daily Pivot Point S3	9049.74
Daily Pivot Point R1	9530.52
Daily Pivot Point R2	9623.23
Daily Pivot Point R3	9770.92

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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