RATE Group | Bitcoin (BTC) Price Watch: Fresh Hopes for the Bulls!
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Bitcoin (BTC) Price Watch: Fresh Hopes for the Bulls!

30 May Bitcoin (BTC) Price Watch: Fresh Hopes for the Bulls!

Posted at 08:40h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price appears to be finding support at the bottom of its symmetrical triangle.
  • If it keeps holding as a floor, price could head back to the resistance around $9,000.
  • Oscillators are suggesting that a return in bullish momentum is in order.

Bitcoin price is finding support at the bottom of its symmetrical triangle while oscillators indicate oversold conditions.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside, which suggests that a break below support is still possible.

Price is also trading below the 100 SMA so this moving average could hold as near-term resistance in a bigger bounce. The gap between the moving averages is sufficiently wide so there is no imminent threat of a bullish crossover.

However, RSI is pulling up from oversold levels to signal that buyers are getting back on their feet. Similarly stochastic is moving out of the oversold region to signal a…

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