RATE Group | Bitcoin (BTC) Price Watch: Bulls on Defense After Breakdown
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Bitcoin (BTC) Price Watch: Bulls on Defense After Breakdown

11 Oct Bitcoin (BTC) Price Watch: Bulls on Defense After Breakdown

Posted at 06:50h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price broke below its short-term consolidation to drop to the longer-term triangle bottom.
  • A downside break from this area could lead to a drop to the lows around $5,800 or a continuation of the slide.
  • Bulls still seem to be defending this floor so another bounce could be due, perhaps leading to another breakout attempt.

Bitcoin price tumbled below a short-term consolidation pattern but buyers are defending the floor to signal that a bounce is possible.

Technical Indicators Signals

The 100 SMA is still above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. This suggests that support is more likely to hold than to break. Then again, it seems that the moving averages are simply oscillating to signal further sideways action. Price is below both dynamic inflection points, however, indicating that selling pressure is picking up.

A break below the longer-term triangle bottom could spur a drop that’s around the same…

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