Bitcoin Price Forecast: BTC/USD experiences bearish correction following bullish Monday

BTC/USD bulls lost momentum near the $9,700 level.
The Elliott Oscillator has had a green session, following four consecutive red sessions.

Rajarshi Mitra Independent Analyst

BTC/USD daily chart

BTC/USD dropped from $9,689.84 to $9,640 this Tuesday as the bears stepped in to correct the market. This follows a heavily bullish Monday, wherein the price jumped up from $9,285, crossing over the downward trending line, SMA 50 and SMA 20, in the process. The Elliott Oscillator has had a green session, following four consecutive red sessions. The RSI indicator is still trending around the neutral zone.

Support and Resistance

BTC/USD has two strong resistance levels on the upside at $9,696.60 and $9,897.15. On the downside, there are four healthy support levels at SMA 20, $9,525, SMA 50 and $9,283.

Key levels

BTC/USD

Overview
Today last price	9641.45
Today Daily Change	-48.48
Today Daily Change %	-0.50
Today daily open	9689.93

Trends
Daily SMA20	9545.5
Daily SMA50	9418.35
Daily SMA100	8179.1
Daily SMA200	8271.77

Levels
Previous Daily High	9786.22
Previous Daily Low	9269.05
Previous Weekly High	9589.87
Previous Weekly Low	8899.05
Previous Monthly High	10074.48
Previous Monthly Low	8105.58
Daily Fibonacci 38.2%	9588.66
Daily Fibonacci 61.8%	9466.61
Daily Pivot Point S1	9377.24
Daily Pivot Point S2	9064.56
Daily Pivot Point S3	8860.08
Daily Pivot Point R1	9894.41
Daily Pivot Point R2	10098.9
Daily Pivot Point R3	10411.58

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 experiences bearish correction following bullish Monday