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.
BTC/USD daily chart
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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
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.
