bitcoin price, bitcoin trading, bitcoin technical analysis Bitcoin Price Key Highlights Bitcoin price is consolidating tightly on its 1-hour time frame, signaling that a strong breakout is ready to take place.
Price made higher lows and found resistance at $435, creating an ascending triangle pattern on the short-term chart.
Bitcoin is currently testing the top of the triangle and might be due for an upside break if it gives way or might be in for a selloff to the bottom if it holds as resistance.
Bitcoin price is still deciding which direction to take, although it is approaching the peak of the triangle and might need to break out soon.
Technical Indicators Signals
The oscillators such as RSI and stochastic are hinting that bearish pressure could come into play, as both indicators are moving lower. Stochastic came out of the overbought zone, indicating that buyers are still taking a break and letting sellers take control. Meanwhile RSI is nearing the overbought region and ready to indicate that buying pressure is fading.
On the other hand, the moving averages are showing that buyers might have enough energy for an upside break. After all, the short-term 100 SMA is above the longer-term 200 SMA, which means that the path of least resistance is to the upside. bitcoin price, bitcoin trading, bitcoin technical analysis A breakout in either direction could yield gains or losses of around $30, which is roughly the same height as the triangle pattern. This means that a break above $435 could lead to a rally up to $465 and a break below the triangle support at $430 could bring bitcoin price down to $400.
Keep in mind that bitcoin price is coming off a downtrend so the triangle pattern looks like a bearish flag on the longer-term time frames. […]
