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.
BTC/USD daily chart
-637288141900028885.png)
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
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.
