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Bitcoin Price Analysis: BTC/USD bulls attempt to fight back after heavily bearish Friday

FX Street
Updated:
  • BTC/USD crashed from $7,296.25 to $6,873.74 this Friday.
  • The Elliott Oscillator has had a red session following 12 straight green sessions.

BTC/USD daily chart

BTC/USD daily chart

BTC/USD bulls are attempting a comeback in the early hours of Saturday after taking the price up from $6,873.74 to $6,924.50. This followed an intensely bearish Friday wherein BTC/USD crashed from $7,296.25 to $6,873.74. In the process, the price managed to plunge below the upward trending line and the $7,000-level. BTC/USD is presently sandwiched between the SMA 50 and SMA 200 curves. The bulls need to gain enough momentum to push the price up to $7,280.86 to trend above the SMA 50 and the upward trending line. After this Friday’s bearish price action, the Elliott Oscillator has had a red session following 12 straight green sessions.

FX Street

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