RATE Group | Bitcoin (BTC) Price Analysis: Testing Long-Term Triangle Bottom
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Bitcoin (BTC) Price Analysis: Testing Long-Term Triangle Bottom

12 Sep Bitcoin (BTC) Price Analysis: Testing Long-Term Triangle Bottom

Posted at 06:22h in Bitcoin News by

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Bitcoin has formed lower highs and found support around the $6,000 level, creating a descending triangle on its daily chart. Price is back down to support after recently getting rejected at the resistance and tumbling sharply.

A bounce off this floor could take bitcoin back up to the triangle top around the $7,000 mark. However, the 100 SMA could also serve as a nearby resistance level. It is below the longer-term 200 SMA, after all, indicating that the path of least resistance is to the downside. In other words, support is more likely to break than to hold.

RSI has some room to head south before indicating oversold conditions, which means that sellers could still have some energy left for another push lower. Stochastic is already indicating oversold conditions or that bears are feeling exhausted and might be ready to let buyers take over soon.

Although bitcoin has been weighed down in terms of price, its market dominance keeps rising and leaving its rival altcoins eating dust….

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