Home Bitcoin Price Analysis: BTC/USD is sandwiched between the SMA 50 on the downside and SMA 20 on the upside
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Bitcoin Price Analysis: BTC/USD is sandwiched between the SMA 50 on the downside and SMA 20 on the upside

FX Street
Published date:
  • BTC/USD fell from $7,140.80 to $6,838.84 this Monday.
  • The Elliott Oscillator has had three consecutive bearish sessions.

BTC/USD daily chart

BTC/USD daily chart

BTC/USD bounced up from the support provided by the SMA 50 to go from $6,838.84 to $6,897.66 and is consolidating in a triangle formation. The bulls will need to gather enough momentum to break past the resistance at the SMA 20, before testing the downward trending line. The MACD indicates sustained bullish momentum, while the Elliott oscillator has had three straight red sessions.

BTC/USD hourly chart

BTC/USD hourly chart

The hourly BTC/USD price fell to $6,771.50 before finding support and jumping up to $6,897.66 in six hours. The bulls will want to overcome resistance at $6,922 before attempting to possibly re-enter the red Ichimoku cloud. The signal line is about to crossover the MACD line, to reverse bearish momentum, while the RSI is trending around 41.45, just above the oversold zone.

Key levels

 

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