RATE Group | Bitcoin (BTC) Price Watch: New Bullish Channel Forming
42798
wp-singular,post-template-default,single,single-post,postid-42798,single-format-standard,wp-theme-bridge,wp-child-theme-bridge-child,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin (BTC) Price Watch: New Bullish Channel Forming

19 Sep Bitcoin (BTC) Price Watch: New Bullish Channel Forming

Posted at 05:07h in Bitcoin News by

[ad_1]

Bitcoin Price Key Highlights

  • Bitcoin price is forming higher highs and higher lows inside an ascending trend channel on the 1-hour chart.
  • Price just bounced off the channel bottom and may be due for a test of the resistance at $6,600.
  • There are nearby inflection points at the mid-channel area of interest as technical indicators reflect a rally slowdown.

Bitcoin price is slowly trending higher in a short-term ascending channel, possibly setting its sights on the very top.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA for now, but a downward crossover seems to be brewing. If completed, this would signal that the path of least resistance is to the downside or that support is more likely to break than to hold.

If so, another selloff to the long-term lows around $5,800 or lower could be underway. These moving averages could also hold as dynamic resistance levels since they line up with the mid-channel area of interest at $6,450.

RSI is heading lower to show that…

[ad_2]

Source link

Tags:
, , , , , ,