Bitcoin Price Key Highlights
- Bitcoin price appears to be turning from the resistance at the top of its descending triangle on the 4-hour chart.
- Price could be making its way back to the bottom of the triangle again from here.
- Technical indicators are also reflecting the presence of selling pressure that could keep gains in check.
Bitcoin price seems to be having trouble sustaining its earlier climb as the top of the descending triangle is holding as resistance.
Technical Indicators Signals
The 100 SMA is below the longer-term 200 SMA on this time frame, confirming that the path of least resistance is to the downside. In other words, resistance is more likely to hold than to break. These moving averages also coincide with the triangle top to add to its strength as a ceiling.
Stochastic is on the move down so bitcoin price could follow suit while selling pressure is present. This oscillator has some room to go before reaching oversold levels, which means that sellers could stay in control for a bit longer. RSI is also heading south and has plenty of room to cover before reaching oversold territory as well.