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Bitcoin Price Forecast: BTC/USD bears look to drop price below the $9,400-level

FX Street
Updated:
  • BTC/USD faces bearish correction, following a bullish Wednesday.
  • The Elliott Oscillator has had five straight green sessions.

BTC/USD daily chart

BTC/USD daily chart

BTC/USD dropped from $9,437.82 to $9,400.50 in the early hours of Thursday as the bears look to lower the price below the $9,400–level. The price is going through a bearish correction, following a bullish Wednesday. The Elliott Oscillator has had five consecutive green sessions, while the RSI is trending around the neutral zone.

Support and Resistance

BTC/USD has strong resistance levels at $9,438 and $9,613.54. On the downside, healthy support exists at $9,379.40 (SMA 50), $9,344.25, $9,262.34 (SMA 20) and $9,236.

Key levels

 

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