-Bitcoin news, price, information & analysis Bitcoin price is stuck in consolidation, and the breakout could hit these next upside or downside barriers marked. The 100 SMA is safely above the longer-term 200 SMA on this time frame, which means that the path of least resistance is still to the upside.
This basically means that the uptrend is more likely to resume than to reverse. The gap between the moving averages is also gradually widening to signal stronger bullish momentum.
However, stochastic appears to be turning lower without even hitting overbought levels. This indicates that bears are eager to return and push bitcoin price back down.
A break below the triangle support could be followed by a decline to the area of interest around the $7,000 mark. This is also around the moving averages’ dynamic inflection points.
RSI is cruising at the middle of its range to reflect current consolidation conditions. Turning higher could bring buyers in and lead to an upside break of the triangle at $8,300. Read more from newsbtc.com…
thumbnail courtesy of newsbtc.com