RATE Group | Bitcoin (BTC) Price Analysis: Holding Out for Directional Clues
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Bitcoin (BTC) Price Analysis: Holding Out for Directional Clues

13 Aug Bitcoin (BTC) Price Analysis: Holding Out for Directional Clues

Posted at 04:02h in Bitcoin News by

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Bitcoin formed a short-term consolidation pattern and could break out soon.

Bitcoin is still trading below its short-term descending trend line on the 1-hour time frame to show that the downtrend is intact. Price is currently consolidating in a small symmetrical triangle with its higher lows, and the direction of the breakout could determine if a continuation or reversal is in order.

A candle closing past the $6,500 area could be enough to confirm an upside breakout and potential reversal while a candle closing below $6,300 could signal that the downtrend will resume. The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, there’s a stronger likelihood for the selloff to resume than to reverse.

The 100 SMA is currently holding as dynamic resistance as well while the 200 SMA is just slightly above the trend line to add another layer of resistance. The gap between the moving averages is also widening to reflect…

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