Bitcoin (BTC) Price Analysis: Tossing and Turning at Wedge Support

Bitcoin underwent a pickup in volatility, leading to spikes in both directions, but ultimately holding its head above the falling wedge support. Technical indicators are giving mixed signals, so it’s still tough to tell which direction the next move might go.

The 100 SMA just recently crossed below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, support is more likely to break than to hold. In that case, bitcoin could fall by the same height as the chart pattern. Price is also below the moving averages dynamic inflection points, which could keep holding as resistance.

RSI is on the move up, though, so there may be some buying pressure left in play. Heading further up until it reaches overbought levels could take bitcoin price along with it. Similarly stochastic has room to head higher before hitting overbought territory, so buyers could have some energy to push for more gains.

Price also looks ready to complete a double bottom…