Bitcoin Price Forecast: BTC/USD trends in a narrow channel between SMA 20 and SMA 50

BTC/USD bears have retained control in the early hours of Thursday.
The Elliott Oscillator has had a red session following two straight green sessions.
The RSI indicator has been trending in the neutral zone over the last eight days.

Rajarshi Mitra Independent Analyst

BTC/USD daily chart

BTC/USD has dropped from $9,457.68 to $9,432 in the early hours of Thursday. The price is sandwiched between SMA 20 and SMA 50 and has found resistance at the downward trending line. The Elliott Oscillator has had a red session, following two straight green sessions. The RSI indicator is trending at the neutral zone as the bulls and bears have effectively canceled each other out.

Support and Resistance

BTC/USD has found resistance at $9,523.15, SMA 20 and $9,700. On the downside, healthy support lies at SMA 50, $9,280.65 and $9,067.55.

Key levels

BTC/USD

Overview
Today last price	9432.52
Today Daily Change	-24.77
Today Daily Change %	-0.26
Today daily open	9457.29

Trends
Daily SMA20	9610.08
Daily SMA50	9360.93
Daily SMA100	8023.51
Daily SMA200	8219.72

Levels
Previous Daily High	9559.97
Previous Daily Low	9231.26
Previous Weekly High	10007.88
Previous Weekly Low	9072.17
Previous Monthly High	10074.48
Previous Monthly Low	8105.58
Daily Fibonacci 38.2%	9356.83
Daily Fibonacci 61.8%	9434.41
Daily Pivot Point S1	9272.38
Daily Pivot Point S2	9087.47
Daily Pivot Point S3	8943.67
Daily Pivot Point R1	9601.09
Daily Pivot Point R2	9744.89
Daily Pivot Point R3	9929.8

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 Forecast: BTC/USD trends in a narrow channel between SMA 20 and SMA 50