Bitcoin Price Key Highlights
- Bitcoin price appears content with being stuck in its current consolidation pattern, as the recent market catalysts haven’t been strong enough to spur a breakout.
- Price is moving inside a symmetrical triangle pattern on its 1-hour time frame and has just bounced off the bottom.
- Bitcoin could make another test of resistance and perhaps go for an upside break if dollar weakness stays in play.
Dollar-selling yielded a strong bounce in bitcoin price yesterday but this wasn’t enough to result to a breakout move from the triangle pattern.
More Sideways Action?
Bitcoin price is gearing up for a test of the resistance just below $372 and the 100 SMA. This short-term moving average is still below the longer-term 200 SMA, which confirms that the path of least resistance is to the downside.
In addition, stochastic is already approaching the overbought region, indicating a possible return in selling pressure. Once the oscillator turns from the overbought level at 80.0, bitcoin price might resume its drop.
On the other hand, RSI is on the move up. This signals that buyers could still be in control of price action, potentially leading to more gains for bitcoin. With that, an upside break past $372 could be