RATE Group | Bitcoin (BTC) Price Analysis: Bullish Breakout Finally Happening?
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Bitcoin (BTC) Price Analysis: Bullish Breakout Finally Happening?

08 Oct Bitcoin (BTC) Price Analysis: Bullish Breakout Finally Happening?

Posted at 01:33h in Bitcoin News by

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Bitcoin has been stuck inside its symmetrical triangle consolidation for quite some time now, but bulls seem to be getting the upper hand. Price is already closing above the triangle top to signal that a longer-term climb is underway.

In addition, the 100 SMA crossed above the longer-term 200 SMA to confirm that bullish momentum is picking up. This could be enough to sustain a climb that lasts the same height as the chart pattern, which spans $6,000 to $8,400. These moving averages also line up with the broken triangle top and the support, adding to its strength as a floor in another dip.

Stochastic is also turning higher without even hitting oversold levels, indicating that buyers are eager to return. RSI has been cruising sideways to reflect consolidation but is also pointing back up to signal that bullish momentum is about to pick up.

Bitcoin might find some resistance around the $7,000 to $7,400 levels which are around the earlier pop higher. From there, price could find a…

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