RATE Group | Bitcoin (BTC) Price Watch: Still Stuck in Consolidation, Breakout Soon?
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Bitcoin (BTC) Price Watch: Still Stuck in Consolidation, Breakout Soon?

02 Oct Bitcoin (BTC) Price Watch: Still Stuck in Consolidation, Breakout Soon?

Posted at 06:13h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price is still stuck inside its triangle consolidation pattern on the 1-hour time frame.
  • Price is nearing the peak of its formation so a breakout could take place soon.
  • Technical indicators are still giving mixed signals on which direction the breakout might go.

Bitcoin price is nearing the peak of its consolidation pattern, which means that a breakout is bound to happen soon.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA for now to indicate that the path of least resistance is to the upside. In other words, support is more likely to hold than to break or an upside break might be more likely than a breakdown. In that case, bitcoin price could be looking at a rally that’s at least the same height as the chart formation, which spans $6,100 to $7,300.

Stochastic is heading higher so bitcoin price could also follow suit while buyers have the upper hand. However, the oscillator is nearing overbought levels to indicate bullish…

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