RATE Group | Bitcoin (BTC) Price Watch: Waiting for a Triangle Breakout
39362
wp-singular,post-template-default,single,single-post,postid-39362,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: Waiting for a Triangle Breakout

20 Aug Bitcoin (BTC) Price Watch: Waiting for a Triangle Breakout

Posted at 04:52h in Bitcoin News by

[ad_1]

Bitcoin Price Key Highlights

  • Bitcoin price has formed higher lows and found resistance around $6,500 to create an ascending triangle pattern on its 1-hour chart.
  • Price is currently testing the resistance and is nearing the peak of the formation, so a breakout might be due soon.
  • Technical indicators are giving mixed signals on which direction the breakout might take.

Bitcoin price is consolidating inside an ascending triangle pattern and might be due for a breakout in either direction soon.

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. This suggests that an upside break is more likely to occur than a break lower. Also, the moving averages are near the triangle bottom to add to its strength as a floor around $6,400.

RSI is heading lower to signal that selling pressure is in play and that resistance would likely hold for now. Stochastic is also in the overbought region and turning lower suggests a…

[ad_2]

Source link

Tags:
, , , , , ,