Bitcoin Price Forecast: BTC/USD drops down after charting evening star pattern

BTC/USD bears have stayed in control for the second straight day.
The price has fallen below the SMA 20 and SMA 50 curves.
The Elliott Oscillator has had a red session following two straight green sessions.

Rajarshi Mitra Independent Analyst

BTC/USD daily chart

BTC/USD bears stayed in control for the second straight day as it charted the evening star pattern. The price plummeted from $9,623.62 to $9,277.70 and dropped below the SMA 20 and SMA 50 curves. The Elliott Oscillator has had a red session, following two straight green sessions. Meanwhile, the RSI indicator has dropped to 45.35 after the bearish price action.

Support and Resistance

BTC/USD has strong resistance levels at $9,700, $9,517.20 (SMA 20), $9,472.25 and $9,438.55 (SMA 50). On the downside, the bears will want to conquer support levels at $9,206.30 (downward trending line) and $9,175 to negative momentum.

Key levels

BTC/USD

Overview
Today last price	9275.08
Today Daily Change	-347.89
Today Daily Change %	-3.62
Today daily open	9622.97

Trends
Daily SMA20	9543.28
Daily SMA50	9433.13
Daily SMA100	8221.89
Daily SMA200	8282.17

Levels
Previous Daily High	9723.24
Previous Daily Low	9577.51
Previous Weekly High	9589.87
Previous Weekly Low	8899.05
Previous Monthly High	10074.48
Previous Monthly Low	8105.58
Daily Fibonacci 38.2%	9633.18
Daily Fibonacci 61.8%	9667.57
Daily Pivot Point S1	9559.24
Daily Pivot Point S2	9495.51
Daily Pivot Point S3	9413.51
Daily Pivot Point R1	9704.97
Daily Pivot Point R2	9786.96
Daily Pivot Point R3	9850.69

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.

Ripple slips as liquidity improves, ETF inflows return

Ripple (XRP) is losing strength, trading below $1.40 on Tuesday. Although minor, the correction comes after a sharp move toward $1.50 the previous day and aligns with a lethargic outlook in the broader crypto market.

Top Altcoins Price Forecast: Ripple, Cardano, Hyperliquid – Easing bullish momentum sparks downside risks

Top altcoins, including Ripple, Cardano, and Hyperliquid, are trading in the red on Tuesday, with roughly 2% losses so far. The altcoins are facing downside pressure ahead of the CLARITY Act cloture vote scheduled for Tuesday.

Crypto Today: Bitcoin, Ethereum and XRP stall ahead of key CLARITY Act vote

Cryptocurrency prices are under pressure on Tuesday, with Bitcoin retreating below $77,000. This pullback comes on the heels of last week's failed breakout and is echoed across major altcoins, as Ethereum and Ripple both slip below key psychological levels at $2,500 and $1.40, respectively.

Bitcoin remains range-bound as liquidation risks build

Bitcoin faces mild pressure, trading below $77,000 at the time of writing on Tuesday following a recovery the previous day. Institutional demand shows early signs of return with spot Exchange Traded Funds recording an inflow on Monday, snapping a four-day outflow streak.

Bitcoin: BTC retreats as macro headwinds grow

Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.

Bitcoin Price Forecast: BTC/USD drops down after charting evening star pattern