RATE Group | Bitcoin (BTC) Price Watch: One Downside Break After Another
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Bitcoin (BTC) Price Watch: One Downside Break After Another

14 Jun Bitcoin (BTC) Price Watch: One Downside Break After Another

Posted at 05:15h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price has broken below one triangle after another as bearish momentum strengthens.
  • Price is now trading below the descending triangle bottom of $6,700 after previously falling below the symmetrical triangle.
  • This signals that further losses are underway, but oscillators suggest otherwise.

Bitcoin price keeps tumbling below one support after another, but oscillators signal a possible bounce.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. This means that the selloff is more likely to resume than to reverse.

The 100 SMA also lines up with the top of the triangle to add to its strength as a ceiling. Bearish momentum could keep strengthening while the gap between the moving averages continues to widen.

However, RSI is already indicating oversold conditions and looks ready to pull up. This signals that buying pressure could return and lead to a bounce back above the…

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