Bitcoin Price Technical Analysis for 03/31/2016 – Symmetrical Triangle Intact

Bitcoin Price Key Highlights

  • Bitcoin price is still consolidating on its higher time frames, moving inside a symmetrical triangle pattern on the daily and 4-hour chart.
  • Price just bounced off the triangle support and might be ready for a test of resistance.
  • Technical indicators are suggesting that the consolidation might carry on from here.

Bitcoin price might keep forming lower highs and higher lows, staying inside its long-term consolidation pattern.

Technical Indicators Signals

btcusd, bitcoin price

btcusd, bitcoin price

The 100 SMA is below the 200 SMA so the path of least resistance is to the downside. However, an upward crossover appears to be brewing and the indicators could keep oscillating, indicating that consolidation might continue.

RSI is on the move up, confirming that buyers are trying to regain control and push bitcoin price up to the triangle resistance around $420-430. Stochastic is also pointing up to indicate that buying pressure is resuming. If buyers are strong enough, they could even push for an upside breakout and a longer-term climb for bitcoin price.

On the other hand, a downside break below support could spur a prolonged downtrend, likely taking bitcoin price down to the

Read more ... source: TheBitcoinNews