Bitcoin Price Key Highlights
- Bitcoin price has been on an uptrend and is moving above a rising trend line visible on the 4-hour time frame.
- Price has been consolidating very close to the trend line recently, signaling that sellers are trying to push for a downside break.
- Price has also formed lower highs so selling pressure is mounting.
Bitcoin price is consolidating tightly right on the rising trend line support so a breakout might happen fairly soon.
Technical Indicators Signals
The 100 SMA is still above the longer-term 200 SMA so the path of least resistance is to the upside, which suggests that bitcoin price could break higher and probably make a run for the previous highs around $780. Also, the 100 SMA lines up with the rising trend line, adding to its strength as a floor.
However, stochastic is turning lower without even reaching the overbought zone, which means that bears are eager to hop in. RSI is on middle ground, barely offering any directional clues at the moment.
A downside break could encounter a bit of support at the 200 SMA dynamic inflection point. A move below this indicator could confirm that bears are gaining momentum and that a downward SMA crossover would follow, drawing even