Home Bitcoin Price Analysis: Bears retain control after rejection at the $7,800 level
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Bitcoin Price Analysis: Bears retain control after rejection at the $7,800 level

FX Street
Published date:
  • BTC/USD encountered resistance at the upper curve of the 20-day Bollinger Band.
  • Both the MACD and the Elliott Oscillator show that the overall market sentiment is still bullish.

BTC/USD daily chart

BTC/USD daily chart

BTC/USD bears retained control as the price went up from $7,758.34 to $7,746.30. This followed a bearish Tuesday wherein the bulls lost steam near the $7,800-level as the price dropped from $7,791.73 to $7,758.34. The price has found consistent resistance 20-day Bollinger Band upper curve. The bulls must overcome resistance at the upper curve and the SMA 200, to continue the upward momentum. The MACD indicates sustained bullish momentum, while the Elliott Oscillator has had seven straight green sessions.

Key levels

 

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