Bitcoin Price Forecast: BTC/USD bulls take charge as price consolidates in a pennant formation

BTC/USD bulls took charge following a bearish Tuesday.
The MACD shows sustained but slight bearish momentum.
The Elliott Oscillator has had a green session, following a red session.

Rajarshi Mitra Independent Analyst

BTC/USD daily confluence detector

BTC/USD bulls took charge following a bearish Tuesday as it continues to trend within the pennant formation. The price has gone up from $9,779.25 to $9,880. The MACD shows sustained but slight bearish momentum. The Elliott Oscillator has had a green session, following a red session, while William’s %R is trending around -37.20, near the neutral zone. There is no clear winner among the bulls and bears right now.

Support and Resistance

BTC/USD bulls will need to go past strong resistance at $10,013 and $10,222, to continue the upward momentum. On the downside, there are healthy support levels at $9,710, SMA 20 and $9,477.80

Key levels

BTC/USD

Overview
Today last price	9902.47
Today Daily Change	8.82
Today Daily Change %	0.09
Today daily open	9893.65

Trends
Daily SMA20	9492.69
Daily SMA50	9100.86
Daily SMA100	7970.12
Daily SMA200	8147.31

Levels
Previous Daily High	10007.88
Previous Daily Low	9692.19
Previous Weekly High	10404.88
Previous Weekly Low	9279.17
Previous Monthly High	10074.48
Previous Monthly Low	8105.58
Daily Fibonacci 38.2%	9887.29
Daily Fibonacci 61.8%	9812.78
Daily Pivot Point S1	9721.27
Daily Pivot Point S2	9548.88
Daily Pivot Point S3	9405.57
Daily Pivot Point R1	10036.96
Daily Pivot Point R2	10180.27
Daily Pivot Point R3	10352.66

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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