RATE Group | Bitcoin (BTC) Price Watch: Tight Battle Between Bulls and Bears
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Bitcoin (BTC) Price Watch: Tight Battle Between Bulls and Bears

11 Sep Bitcoin (BTC) Price Watch: Tight Battle Between Bulls and Bears

Posted at 05:58h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price is currently consolidating in a short-term symmetrical triangle visible on the 1-hour chart.
  • The breakout could set the longer-term direction for bitcoin as it nears a key support area.
  • Technical indicators are suggesting that a downside move is more likely to happen than an upside break.

Bitcoin is consolidating inside a symmetrical triangle, which might be a bearish continuation pattern from the earlier drop.

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. The 100 SMA also lines up with the top of the triangle to add to its strength as resistance also.

The gap between the moving averages has been widening to reflect stronger bearish pressure. A break below the $6,250 level could be enough to signal a bearish break and further losses, possibly by the same height as the mast of the flag…

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