Bitcoin (BTC) Price Watch: Bulls Defend Triangle Bottom Again

October 15, 2018

 

Bitcoin Price Key Highlights

  • Bitcoin price tumbled down to the bottom of its long-term triangle but bulls keep buying on dips.

  • Support continues to hold so another test of the resistance at $6,600 could take place.

  • Technical indicators, however, are giving mixed signals on whether support might keep holding or not.

  • Bitcoin price has bounced off the bottom of its triangle once more and is setting its sights on the top.

Technical Indicators Signals

 

The 100 SMA is still below the longer-term 200 SMA on the daily time frame to hint that the path of least resistance is to the downside. In other words, the selloff is more likely to gain traction than to reverse. Then again, the gap between the moving averages is narrowing to signal that bearish momentum is slowing.

Stochastic is indicating oversold conditions and might be ready to pull up, indicating a return in bullish pressure. This could be enough to take price back up to the top of the triangle, which is right around the 50 SMA dynamic inflection point. RSI is also starting to turn higher to signal that buyers are ready to regain control.
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