TRENDING:

GBP/USD

XAU/USD

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.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.