Bitcoin Price Key Highlights
- Bitcoin price has formed lower highs and higher lows, creating a symmetrical triangle pattern visible on its short-term chart.
- Price is currently testing support and might be due for a bounce back to the resistance.
- Technical indicators are giving mixed signals, although a downside break seems possible.
Bitcoin price is consolidating inside a symmetrical triangle formation, possibly gearing up for a strong breakout.
Technical Indicators Signals
The 100 SMA just crossed below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, a break lower could be more likely than an upside breakout from the resistance near the yearly highs as bullish momentum is slowing.
Stochastic is on the move up to show that buyers are still in control of bitcoin price action, suggesting that another test of the triangle resistance around $760-765 could be in the cards. Once the oscillator reaches the overbought zone and turns lower, selling pressure could return and force a move below $750.
RSI is on middle ground, barely offering strong directional clues at the moment. It appears to be on its way down, though, so bearish pressure is still present.
Read more ... source: NewsBTC USA