RATE Group | Bitcoin (BTC) Price Watch: Still Some Selling Pressure Left?
42024
wp-singular,post-template-default,single,single-post,postid-42024,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: Still Some Selling Pressure Left?

12 Sep Bitcoin (BTC) Price Watch: Still Some Selling Pressure Left?

Posted at 04:19h in Bitcoin News by

[ad_1]

Bitcoin Price Key Highlights

  • Bitcoin price is still consolidating inside its falling wedge pattern seen on the daily time frame.
  • Price tumbled sharply upon hitting resistance and is setting its sights back on the bottom.
  • There’s also strong support around the $6,000 mark, which explains why bitcoin price is consolidating here.

Bitcoin price is currently pausing on its slide but may have one more push lower to go as it has yet to test the wedge bottom.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the selloff is more likely to resume than to reverse. Sustained selling pressure could take bitcoin price to the bottom of the wedge closer to $5,700.

RSI looks ready to turn higher, though, suggesting that bulls might take over from here and spur another bounce to the top. The 100 SMA might also hold as nearby dynamic resistance around $6,800 to $7,000. Sustained bullish pressure could…

[ad_2]

Source link

Tags:
, , , , , ,