Bitcoin Price Key Highlights
- Bitcoin price made an upside break from its latest short-term triangle consolidation pattern, indicating that buyers are getting the upper hand.
- A bullish flag continuation pattern has just formed, which suggests that further upside is possible.
- Technical indicators are still giving mixed signals but it looks like a long-term trend might be in the cards.
Bitcoin price showed strong bullish momentum with a consolidation breakout and a continuation pattern visible on the 1-hour chart.
Technical Indicators Signals
The 100 SMA is below the 200 SMA for now but it looks like an upward crossover is ready to take place, signaling a buildup in buying pressure. Stochastic and RSI are also heading down, which brings the possibility of profit-taking before further gains.
If so, a pullback to the broken triangle resistance at $370 or the moving averages around $375 might take place. Once the oscillators reach the oversold areas and turn higher, bitcoin price could resume its bullish run.
A strong return in buying pressure could lead to an upside break from the current flag pattern. A long green candle closing past $390 could be enough to confirm another leg higher.