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Bitcoin Price Forecast: The freefall continues as BTC/USD bears refuse to relent for the fifth straight day

BTC/USD bears remained in control for the fifth straight day.
The Elliott Oscillator has had four straight red sessions wherein it fell from -14 to -190.
BTC/USD is presently trending in the lower half of the 20-day Bollinger Band.

Rajarshi Mitra Independent Analyst

BTC/USD daily chart

BTC/USD has fallen from $9,155.50 to $9,126 in the early hours of Saturday as the bears remained in control for the fifth straight day. In this five-day-period, BTC/USD has dropped from $9,693.75, charting a 5.86% fall in valuation. The Elliott Oscillator has had four straight red sessions, wherein it fell from -14 to -190. The price is currently trending in the lower half of the 20-day Bollinger Band.

Support and Resistance

BTC/USD faces strong resistance levels at $9,285, $9,425.35 (SMA 50) and $9,481.50 (SMA 20). On the downside, the bears need to conquer support at $9,070. If they do manage to do so, the price will fall below the downward trending line. Following that, another healthy support lies at $8,896.85.

Key levels

BTC/USD

Overview
Today last price	9138.74
Today Daily Change	-16.41
Today Daily Change %	-0.18
Today daily open	9155.15

Trends
Daily SMA20	9473.41
Daily SMA50	9422.93
Daily SMA100	8340.89
Daily SMA200	8308.76

Levels
Previous Daily High	9289.32
Previous Daily Low	9028.54
Previous Weekly High	9786.22
Previous Weekly Low	8988.56
Previous Monthly High	10074.48
Previous Monthly Low	8105.58
Daily Fibonacci 38.2%	9128.15
Daily Fibonacci 61.8%	9189.7
Daily Pivot Point S1	9026.02
Daily Pivot Point S2	8896.89
Daily Pivot Point S3	8765.24
Daily Pivot Point R1	9286.8
Daily Pivot Point R2	9418.45
Daily Pivot Point R3	9547.58

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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