Bitcoin Price Forecast: BTC/USD bears cancel out Monday’s gains as market comes to a close

• BTC/USD bears entered the market after two straight bullish days.
• The Elliott Oscillator has plummetted from -14 to -362.27 over the last seven days.

BTC/USD daily chart

BTC/USD  has dropped from $9,187.71 to $9,129.30 this Tuesday, following two consecutive bullish days. The price is currently moving in the lower half of the 20-day Bollinger Band. The RSI has been trending in the neutral zone for a long time. Finally, the Elliott Oscillator has plummetted from -14 to -362.27 over the last seven days.

Support and Resistance

BTC/USD has strong resistance at $9,295.65, $9,334.70 (SMA 20), $9,424.50 (SMA 50) and $9,475.25. On the downside, the bears will want to aim for the support levels at $9,125 and $9,006.80 (lower curve of the 20-day Bollinger Band) to continue the downward movement.

Key levels