RATE Group | Bitcoin (BTC) Price Watch: Watch This Triangle for Directional Clues
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Bitcoin (BTC) Price Watch: Watch This Triangle for Directional Clues

17 Oct Bitcoin (BTC) Price Watch: Watch This Triangle for Directional Clues

Posted at 05:14h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price is still stuck in consolidation, forming higher lows and lower highs inside a symmetrical triangle on the short-term chart.
  • Price is approaching the peak of this formation so a breakout might be due soon, providing longer-term directional clues.
  • Technical indicators are giving mixed signals, although there seems to be some bearish pressure in play.

Bitcoin price is consolidating inside a symmetrical triangle on the short-term charts while traders decide which direction to take.

Technical Indicators Signals

The 100 SMA crossed below the longer-term 200 SMA on this time frame, indicating that the path of least resistance is to the downside. In other words, support is more likely to break than to hold, possibly leading to a slide that’s at least the same height as the triangle. This pattern spans $6,640 to around $$7,000.

Stochastic is on the move down to show that sellers are in control and could push for a break below the triangle bottom. RSI…

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