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Bitcoin Price Analysis: BTC/USD bulls bounce back following four straight bearish days. A temporary respite, or is the “halving effect” taking over?

FX Street
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  • The 20-day Bollinger jaw has narrowed, indicating decreasing price volatility.
  • The Elliott Oscillator indicates three straight red sessions.

BTC/USD daily chart

BTC/USD daily chart

BTC/USD buyers took control of the market following four straight bearish days. Following the halving, the price rose from $8,571,91 to $8,805. The price has found immediate support at the SMA 20 and the upward trending line. The 20-day Bollinger jaw has narrowed, which indicates decreasing price volatility. 

The MACD indicates increasing bearish momentum, while the Elliott Oscillator has had three straight red sessions. The bulls must conquer resistance levels at $9,172.88 and $9,605. On the downside, good support lies at $8,606.12 and $&,963.80, along with the SMA 200.

Key levels

 

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