RATE Group | Bitcoin (BTC) Price Watch: More Bears Waiting to Hop On
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Bitcoin (BTC) Price Watch: More Bears Waiting to Hop On

21 Aug Bitcoin (BTC) Price Watch: More Bears Waiting to Hop On

Posted at 06:17h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price broke below its ascending triangle consolidation to signal that more losses are in the cards.
  • Price is finding a bit of support, though, so a pullback may be taking place from here.
  • The Fibonacci retracement tool shows the next potential resistance levels, but technical indicators are signaling more gains.

Bitcoin price made a downside break from its triangle pattern and looks ready for a pullback before heading further down.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. In other words, there’s still a chance for the uptrend to resume and price to move back inside the triangle pattern.

However, the 200 SMA lines up with the 38.2% Fib at $6,360.50 to add to its strength as resistance and the 100 SMA coincides with the 61.8% Fib at $6,436.90. This is also near the broken triangle support, which might hold as resistance from here. A move past this level…

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