Bitcoin Price Analysis: Buyers make sure that price stays above $9,000 following Thursday’s carnage
|- BTC/USD dropped below the SMA 20 curve following Thursday’s price action.
- Both MACD and Elliott Oscillator show increasing bearish sentiment.
BTC/USD daily price chart
BTC/USD went up slightly from $9,060 to $9,091.25 in the early hour of Friday. This follows a hectic Thursday where Bitcoin crashed from $9,520 to $9,060, going below the SMA 20 curve, in the process. The MACD shows increasing bearish momentum, while the Elliott Oscillator has had five straight red sessions.
The bulls need to overcome resistance at $9,313.50, SMA 20 and 9,880.95 to reverse the ongoing bearish momentum. The bears should aim for support levels at $8,948.70 and $8,600 to continue the downward momentum.
Key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.