Bitcoin Price Key Highlights
- Bitcoin price has been gradually trending higher but it seems that bulls are running out of steam.
- Price has been stuck inside a rising wedge consolidation pattern for quite some time and a breakout might take place soon.
- Bitcoin price got rejected on a test of resistance and is on its way to test support near the moving averages.
Bitcoin price could be due for a bounce off the bottom of the rising wedge as the consolidation carries on.
Technical Indicators Signals
The 100 SMA is still above the longer-term 200 SMA so the path of least resistance is to the upside. In addition, the gap between the moving averages seems to be widening, indicating stronger bullish momentum.
Meanwhile, stochastic has turned higher even without reaching the oversold region. This could be indicative of a return in buying pressure, possibly allowing bitcoin price to make another attempt at breaking past the wedge resistance around $435.
Also, RSI appears to be moving back up but is currently on middle ground. This could be a sign that the consolidation might simply carry on, keeping bitcoin price safely inside the wedge formation.
Read more ... source: TheBitcoinNews