RATE Group | Bitcoin (BTC) Price Watch: Ready for a Long-Term Breakout?
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Bitcoin (BTC) Price Watch: Ready for a Long-Term Breakout?

04 Oct Bitcoin (BTC) Price Watch: Ready for a Long-Term Breakout?

Posted at 06:03h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin is now at the very end of its long-term triangle consolidation pattern, so a breakout could happen anytime soon.
  • Price is currently testing the resistance around $6,600 and a long green candle closing above this could be enough to signal further gains.
  • Technical indicators are giving mixed signals on the possible direction of a breakout.

Bitcoin price could be ready to break out of its daily symmetrical triangle pattern, setting the longer-term direction.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA on the daily time frame to signal that the path of least resistance is to the downside. In other words, support is more likely to break than to hold, possibly sending bitcoin price lower by the same height as the chart formation.

The 100 SMA is also in line with the top of the triangle to add to its strength as resistance. A break past this level could lead to a test of the 200 SMA dynamic support next, then a climb that’s…

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