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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.

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