RATE Group | Bitcoin (BTC) Price Analysis: Bullish Break and Retest Completed?
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Bitcoin (BTC) Price Analysis: Bullish Break and Retest Completed?

10 Oct Bitcoin (BTC) Price Analysis: Bullish Break and Retest Completed?

Posted at 09:28h in Bitcoin News by

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Bitcoin was previously consolidating inside a symmetrical triangle and has just recently broken to the upside to signal that an uptrend may be underway. Price also seems to have completed its retest of the broken resistance and may be ready to aim for the next upside targets.

The 100 SMA is above the longer-term 200 SMA to signal that the path of least resistance is to the upside, indicating that the climb is more likely to gain traction than to reverse. The 50% level lines up with the swing high just past the $6,700 level while the 78.6% to 100% levels are close to the $6,800 area of interest.

Stochastic is turning lower to indicate a return in selling pressure, possibly even dragging bitcoin back inside the triangle pattern. RSI is also heading south so bitcoin price might follow suit.

Warnings from the IMF on bitcoin and other cryptocurrencies appear to have derailed the rallies and kept others in consolidation. According to the latest World Outlook Report:

“Cybersecurity…

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