RATE Group | Bitcoin (BTC) Price Watch: More Bears Waiting to Join In?
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Bitcoin (BTC) Price Watch: More Bears Waiting to Join In?

07 Sep Bitcoin (BTC) Price Watch: More Bears Waiting to Join In?

Posted at 07:20h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price recently made a sharp tumble, breaking below an ascending trend line connecting the lows since mid-August.
  • Applying the Fib retracement tool on the latest swing high and low shows that the 61.8% level lines up with the broken support.
  • Technical indicators are suggesting a potential pickup in bullish momentum.

Bitcoin price could be ready to make a pullback from its recent slide, and the Fib tool shows potential resistance levels.

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. In other words, there’s still a chance for bulls to charge again and possibly spur a retest of the latest highs.

Stochastic is also indicating oversold conditions or that sellers are tired. The oscillator is starting to pull up as well, reflecting a return in buying momentum. Similarly RSI is climbing out of the oversold region and moving north could allow bitcoin to follow suit.

BTCUSD Chart from TradingView

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