Bitcoin Price Key Highlights
- Bitcoin price is attempting another upside break from its descending triangle visible on the longer-term charts.
- If this is a decisive break, price could climb by the same height as the triangle, which spans close to $4,000.
- Technical indicators are giving mixed signals but there are signs of bullish momentum building up.
Bitcoin price is making another attempt at a bullish triangle breakout to ultimately confirm that more gains are in the cards.
Technical Indicators Signals
The 100 SMA is still below the longer-term 200 SMA so the path of least resistance might be to the downside. In other words, there’s still a chance that resistance might hold and push bitcoin price back to the bottom of the triangle just above $6,000.
Then again, the moving averages could simply be oscillating to reflect consolidation. A candle closing past these dynamic inflection points could be an early signal of bullish pressure and a hint that a crossover might happen soon.