RATE Group | Bitcoin (BTC) Price Watch: Back to Support Yet Again!
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Bitcoin (BTC) Price Watch: Back to Support Yet Again!

25 Sep Bitcoin (BTC) Price Watch: Back to Support Yet Again!

Posted at 06:28h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price has formed higher lows and lower highs to trade inside a triangle pattern on its 4-hour time frame.
  • Price got rejected on a test of resistance once more and a move to support appears to be taking place.
  • Technical indicators are suggesting that further declines could be in the cards.

Bitcoin price bounced off the top of its triangle consolidation pattern and is gearing up for another test of support.

Technical Indicators Signals

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, support is more likely to break than to hold. Price is currently testing the 100 SMA dynamic inflection point and might be due for further losses if it breaks below this level or the $6,250 triangle bottom.

Stochastic is also heading south so bitcoin price might follow suit while sellers have the upper hand. This oscillator is nearing oversold levels, though, so bears might be feeling exhausted soon….

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