RATE Group | Bitcoin (BTC) Price Watch: Triangle Resistance Break and Retest
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Bitcoin (BTC) Price Watch: Triangle Resistance Break and Retest

16 Oct Bitcoin (BTC) Price Watch: Triangle Resistance Break and Retest

Posted at 05:51h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price recently surged past its symmetrical triangle resistance to signal that an uptrend is underway.
  • Price found resistance around $7,800 and appears to be pulling back to the broken triangle top.
  • If this area holds as support, price could aim for the Fibonacci extension levels next.

Bitcoin price is in the middle of a pullback from its upside breakout and could set its sights on these targets next.

Technical Indicators Signals

The moving averages are still oscillating to reflect sideways price action and barely offer any strong directional clues. Stochastic is still heading south to show that there’s some selling pressure left and that a deeper correction to the actual triangle top might be underway. RSI has more room to slide to also signal that a larger correction is due.

But if the current levels hold, bitcoin price might resume the climb to the Fibonacci extension levels from here. The 78.6% extension is in line with the swing high around…

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