RATE Group | Bitcoin (BTC) Price Watch: Is That a Bullish Breakout Yet?
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Bitcoin (BTC) Price Watch: Is That a Bullish Breakout Yet?

08 Oct Bitcoin (BTC) Price Watch: Is That a Bullish Breakout Yet?

Posted at 04:36h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price appears to be closing above the top of its symmetrical triangle pattern to show that bulls are gaining the upper hand.
  • If so, this could lead to a rally that’s roughly the same height as the formation, which spans $6,000 to $10,000.
  • Technical indicators are giving mixed signals, although there seem to be signs of slowing bearish pressure.

Bitcoin could be breaking above the top of its symmetrical triangle to signal that a longer-term climb is underway.

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. In other words, there might still be a chance that this is a fake out and that the selloff could resume. Price has yet to test and break past the 100 SMA dynamic inflection point but when it does, more bulls could join in and push for a test of the 200 SMA next.

Stochastic is slowly heading lower after recently hitting overbought levels. This signals that…

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