RATE Group | Bitcoin (BTC) Price Watch: Look Out for a Wedge Breakout
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Bitcoin (BTC) Price Watch: Look Out for a Wedge Breakout

27 Aug Bitcoin (BTC) Price Watch: Look Out for a Wedge Breakout

Posted at 04:51h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price is consolidating inside a rising wedge and is nearing the peak of the pattern.
  • Price could break out of the formation anytime soon, signaling which direction a longer-term move might go.
  • Technical indicators are giving mixed signals in terms of bullish or bearish presence.

Bitcoin price is consolidating inside a rising wedge formation as it awaits directional clues for a longer-term move.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. This means that the uptrend is more likely to resume than to reverse. These are also near the wedge support to add to its strength as a floor.

However, RSI seems to be heading lower to indicate that selling pressure is returning, even though the oscillator didn’t reach overbought levels on its latest climb. Stochastic is also turning lower without hitting overbought territory to signal that sellers are eager to return.

BTCUSD…

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