RATE Group | Bitcoin (BTC) Price Watch: Reversal Pattern Confirmation on SEC Order
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Bitcoin (BTC) Price Watch: Reversal Pattern Confirmation on SEC Order

21 Sep Bitcoin (BTC) Price Watch: Reversal Pattern Confirmation on SEC Order

Posted at 04:53h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price looks ready to confirm its double bottom reversal formation as it tests the neckline.
  • A break higher could lead to a rally that’s the same height as the chart formation, which spans $6,100 to $6,650.
  • Technical indicators, however, are reflecting bullish exhaustion.

Bitcoin price could be due for an uptrend as it tests the neckline of the short-term double bottom formation.

Technical Indicators Signals

The 100 SMA recently crossed below the longer-term 200 SMA to signal that the path of least resistance is to the downside. This means that resistance is more likely to hold than to break or that the selloff might still resume from here. In that case, price could head back to the bottoms around $6,100 or even break lower.

Then again, the moving averages could simply be oscillating to reflect range-bound conditions. Another bullish crossover could bring more buyers to the mix and provide enough momentum for a break higher and a continuation of the…

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