RATE Group | Bullish Signals Hint at Bitcoin Price Breakout
29815
post-template-default,single,single-post,postid-29815,single-format-standard,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
 

Bullish Signals Hint at Bitcoin Price Breakout

07 Jun Bullish Signals Hint at Bitcoin Price Breakout

Posted at 12:27h in Bitcoin News by

[ad_1]

Still stuck in a narrowing price range, BTC could soon rise to resistance above $8,000 if the bulls are able to leap the 50-week moving average hurdle.

As of writing, the cryptocurrency is trading at $7,770 on Bitfinex, having been stuck in a narrowing price range (pennant) for months now.

Defense of $7,000 last week and the 9.3 percent rise since then have neutralized the immediate bearish outlook and got investors talking about a possible rally to pennant resistance at $8,870.

While that target may appear far-fetched, it may be put to test if bitcoin can first scale the key 50-week moving average (MA) resistance (currently located at $7,819) in a convincing manner.

Weekly chart

As seen in the chart above, BTC narrowly avoided a downside (bearish) break of the narrowing price range last week, turning higher from $7,040. A bearish breakdown would have signaled a resumption of the sell-off from the record high of $19,891 and could have pushed BTC below $6,000 (February…

[ad_2]

Article Source

Tags:
, , , , ,