Bitcoin Price Key Highlights
- Bitcoin price had been moving above an ascending trend line on its 1-hour time frame.
- Price just made a downside break of support as risk aversion seems to be back in the financial markets.
- This could be an early signal of a pending selloff, although technical indicators are still giving mixed signs.
Bitcoin price made a break of the short-term trend line support, signaling a potential selloff from here.
Technical Indicators Signals
The 100 SMA is starting to cross above the longer-term 200 SMA, which suggests potentially stronger buying pressure. If so, bitcoin price could land back above the rising trend line and carry on with its climb.
Stochastic, however, is on the move down and indicating that sellers are taking control. In that case, bitcoin price could have room to head south until the next area of interest around $450. This is also near the moving averages, which might hold as dynamic support levels.
RSI is still treading on middle ground, barely offering any strong directional clues for now. This means that consolidation could also be on the table, keeping bitcoin between the current support and the nearby resistance at $455.
Read more ... source: TheBitcoinNews