The price of Bitcoin could not overcome the resistance of the upward triangle.
The price is now back to test support at around $ 2700 and can prepare to return to the top of the triangle.
The technical indicators are giving mixed signals so there may still be some indecision between buyers and sellers.
The Bitcoin price is still consolidating within its upward triangle formation clearly visible in the short term.
Technical Indicators
The 100 SMA is above the 200 long-term SMA, so the path of least resistance is up. In addition, the 200 SMA aligns with the bottom of the triangle to increase its strength as a "floor".
The Stochastic is on the move to show that sellers are in control of the price action and may even press for a fall break. Note that training ranges from $ 2200 to $ 2900, so the resulting selloff can be around $ 700.
The RSI seems to be getting higher even without reaching the level of over-selling, which also suggests buyers are eager to get back into the game. A stronger high boost could even lead to a break after resistance to the triangle and possibly the creation of new highs.
- The review has been translated from NewsBitcoin website, as it appears in the source, and is not an indication of buying or selling.