Bitcoin Price Analysis: BTC/USD Back to Triangle Bottom

Bitcoin has formed lower highs and higher lows to create a symmetrical triangle pattern on its 4-hour time frame. The price is now down to support and might be due for a break lower.

The 100 SMA crossed below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, support is more likely to break than to hold. If so, bitcoin could fall by around the same height as the chart formation, which spans $9,200 to $13,600. The moving averages are also close to the triangle top to add to its strength as resistance.

RSI is heading lower to indicate that sellers have the upper hand and could stay in control until oversold conditions are met. Stochastic is also pointing down to show that bearish pressure is present, but the oscillator looks ready to turn higher to signal a return in buying momentum. Read More...

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