RATE Group | Bitcoin (BTC) Price Watch: Upside Break or Quick Pullback?
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Bitcoin (BTC) Price Watch: Upside Break or Quick Pullback?

04 Jun Bitcoin (BTC) Price Watch: Upside Break or Quick Pullback?

Posted at 03:18h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price previously broke past a descending trend line to signal that a reversal is underway.
  • Price has since consolidated inside a rising wedge formation and could be due for a breakout soon.
  • An upside break could set off a steeper climb while a break lower could lead to a pullback to the broken trend line.

Bitcoin is starting to show signs of a reversal from its downtrend but has yet to break out of this rising wedge.

Technical Indicators Signals

The 100 SMA crossed above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. In other words, the reversal is more likely to be sustained from here and the moving averages could hold as dynamic inflection points in the event of a pullback.

Bitcoin price has formed higher lows and higher highs to consolidate inside a rising wedge pattern, with price gearing up for a test of support. A break below this could lead to a drop of the same height as the chart formation while a move…

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