Bitcoin Price Analysis: BTC/USD bears take control, the price breaks below the SMA 20

BTC/USD is currently consolidating in a triangle formation.
The Elliott Oscillator has had five straight red sessions.

Rajarshi Mitra Independent Analyst

BTC/USD daily chart

BTC/USD fell from $6,876.98 to $6,712.75 this Wednesday as it continues to consolidate in a triangle formation. The bearish price action dropped BTC/USD below the SMA 20 curve. The upward trending line needs to hold firm to inhibit further price drop. The MACD indicates decreasing bullish momentum, while the Elliott Oscillator has had five straight red sessions.

Key levels

BTC/USD

Overview
Today last price	6701.72
Today Daily Change	-175.48
Today Daily Change %	-2.55
Today daily open	6877.2

Trends
Daily SMA20	6778.42
Daily SMA50	7093.84
Daily SMA100	8133.51
Daily SMA200	8031.31

Levels
Previous Daily High	6990.17
Previous Daily Low	6772.07
Previous Weekly High	7468.81
Previous Weekly Low	6681.12
Previous Monthly High	9215.51
Previous Monthly Low	3886.49
Daily Fibonacci 38.2%	6906.86
Daily Fibonacci 61.8%	6855.39
Daily Pivot Point S1	6769.46
Daily Pivot Point S2	6661.72
Daily Pivot Point S3	6551.36
Daily Pivot Point R1	6987.56
Daily Pivot Point R2	7097.91
Daily Pivot Point R3	7205.65

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 Analysis: BTC/USD bears take control, the price breaks below the SMA 20