RATE Group | Bitcoin (BTC) Price Watch: Some Hesitation After Bullish Breakout?
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Bitcoin (BTC) Price Watch: Some Hesitation After Bullish Breakout?

01 Oct Bitcoin (BTC) Price Watch: Some Hesitation After Bullish Breakout?

Posted at 04:50h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price has recently broken out of its symmetrical triangle pattern but has since pulled back for a retest.
  • Price continues to hover around the broken resistance, though, and might still have a chance at falling back in consolidation.
  • If the area of interest continues to keep losses in check, bitcoin price could resume a climb that’s the same height as the triangle.

Bitcoin price recently closed past the top of its triangle formation but this might still prove to be a fake out.

Technical Indicators Signals

The 100 SMA is still below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, there’s still a chance for the selloff to resume. However, the gap between the moving averages has narrowed to signal weakening selling pressure and a possible bullish crossover.

If that happens, price could climb by the same height as the triangle pattern, which spans around $6,000 to $8,500. Stochastic is already on…

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