RATE Group | Bitcoin (BTC) Price Watch: Wait for this Short-Term Breakout
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Bitcoin (BTC) Price Watch: Wait for this Short-Term Breakout

10 Oct Bitcoin (BTC) Price Watch: Wait for this Short-Term Breakout

Posted at 08:26h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price has formed lower highs and higher lows on its 1-hour chart to trade inside a symmetrical triangle.
  • Price is currently testing the bottom of the triangle and might be due for a bounce back to the top around $6,700.
  • Price is nearing the end of its triangle pattern and the tighter consolidation suggests that a breakout is due soon.

Bitcoin price might be due for a breakout on its short-term triangle consolidation, providing directional clues on longer-term action.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA to signal that the path of least resistance is to the upside or that support is more likely to hold than to break. These dynamic inflection points are also just above the triangle bottom, adding to its strength as support.

Stochastic is pointing down to indicate that selling pressure is in play, and this oscillator has room to go before hitting oversold levels. This signals that bears could have enough energy to push…

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