Bitcoin Price Key Highlights Bitcoin price appears to have made a downside break of the consolidation pattern recently, but a pullback has taken place.
Price is retesting the broken support of the ascending triangle pattern visible on the 1-hour time frame, still deciding whether to carry on with its drop or not.
Bitcoin price could be due for a slide to the $400 levels if bearish momentum is strong enough to sustain the selloff.
Technical Indicators Signals
The moving averages are still oscillating for now, reflecting indecision among buyers and sellers. This could mean that further consolidation is possible, taking bitcoin price back up to the top of the triangle around $435.
However, a convincing downward crossover by the 100 SMA could be enough to confirm that bears are taking control. For now, stochastic is pointing down even without having reached the overbought zone recently while RSI also appears to be on the move down.
A break below the previous lows at $426 could be enough to confirm that selling pressure is taking hold. On the other hand, a climb above $430 could suggest that the spike lower was just a fake out. bitcoin price, bitcoin trading, bitcoin technical analysis The US dollar has been on a stronger footing against most of its peers at the start of this year, putting a bit of weight on bitcoin price. The Fed just came off a rate hike in December and might be looking to tighten again before the end of this quarter if economic data continues to surpass expectations.
The FOMC minutes released yesterday confirmed that policymakers are noticing the signs of improvement in the labor market but are still doubtful that inflationary pressures could pickup. This week, the release of the NFP report could add fuel to the dollar’s fire if […]
