Bitcoin Price Key Highlights
- Bitcoin price is still stuck in tight consolidation for now in what appears to be a bearish continuation pattern.
- Price is hovering safely above several support levels but another push lower could be due, given the recent trend.
- A change in market sentiment, however, could spur a bounce back to the near-term resistance.
Bitcoin price is stalling but appears to simply be pausing from its recent dive to gather more momentum.
Technical Indicators Signals
The 100 SMA is still above the longer-term 200 SMA on this time frame, suggesting that bulls could still push bitcoin price back up. After all, price is still finding support at the longer-term ascending channel bottom and the dynamic inflection point at the 200 SMA.
However, the gap between the moving averages seems to be narrowing so a downward crossover may be imminent. If it happens, more sellers could pile up their short positions and trigger a downside break from the $580-590 support zone, setting off a longer-term drop.
Stochastic is on middle ground at the moment, reflecting indecision among buyers and sellers. It’s worth noting that the oscillator is on its way up, though, hinting at a slight favor in bullish odds.
Read more ... source: TheBitcoinNews