Bitcoin Price Technical Analysis – Bears Trying Harder

Bitcoin Price Key Highlights

  • Bitcoin price is still stuck inside the ascending channel pattern on the 4-hour time frame and still hovering around support.
  • Price has been consolidating above the $450 level for quite some time, as bears are trying to find more energy for a downside break.
  • The FOMC minutes failed to spur dollar demand strong enough for a downside break, leaving bitcoin traders waiting for the next big catalyst.

Bitcoin price might be able to break below the channel support if dollar demand picks up in the latter sessions.

Technical Indicators Signals

The 100 SMA is still above the longer-term 200 SMA so the uptrend could carry on. In addition, the 100 SMA coincides with the channel support, which explains its strength as a floor for now. However, the gap between the moving averages is narrowing, indicating weaker bullish pressure and a possible downward crossover.

Stochastic is on middle ground and is pointing down, which means that there’s still some selling momentum left. RSI has also been treading around the 50.0 level for quite some time, barely offering strong directional hints.

A break below this channel support could spur a move to the next area of interest at $430 then at $400. On the other hand,

Read more ... source: TheBitcoinNews