Bitcoin Price Technical Analysis for 05/05/2016 – Eyes on Triangle Resistance!
Bitcoin price is moving inside a symmetrical triangle consolidation pattern and is on track towards testing the resistance. The 100 SMA is below the longer-term 200 SMA, confirming that the path of least resistance is to the downside and that the triangle resistance near $450 is likely to hold. In addition, the 200 SMA lines up with the top of the triangle as a dynamic resistance level. For now, price is encountering some resistance at the 100 SMA and if this holds, another test of the support could take place. Stronger selling momentum might even trigger a downside breakout. Stochastic....
Related News
Bitcoin price is consolidating inside a symmetrical triangle formation, possibly gearing up for a strong breakout. Bitcoin Price Key Highlights. Bitcoin price has formed lower highs and higher lows, creating a symmetrical triangle pattern visible on its short-term chart. Price is currently testing support and might be due for a bounce back to the resistance. Technical indicators are giving mixed signals, although a downside break seems possible. Technical Indicators Signals. The 100 SMA just crossed below the longer-term 200 SMA to indicate that the path of least resistance is to the....
Bitcoin price is hovering around the top of its descending triangle and the top-tier market catalysts could determine if it will hold as resistance. Bitcoin Price Key Highlights. Bitcoin price has been forming lower highs and finding support near $560, creating a descending triangle formation visible on its 4-hour chart. Price is back to the triangle resistance once more, still deciding whether to make a bounce or a break. Technical indicators are giving mixed signals so far, which means that direction could hinge on market catalysts. Technical Indicators Signals. The 100 SMA is below the....
Bitcoin price just came off a test of the triangle support and might be due for another move towards resistance. The 100 SMA is above the 200 SMA, signaling that the path of least resistance is to the upside. Stochastic is on the move up, which also confirms that buyers are in control of price action for now, likely pushing for a test of the triangle top around $420-430. RSI is also heading north so price might follow suit. Stronger bullish pressure might even lead to an upside break of the triangle resistance and a prolonged uptrend for bitcoin price. In that case, price could resume its....
Bitcoin price is still inside its long-term triangle consolidation pattern and might make another test of the resistance. Bitcoin Price Key Highlights. Bitcoin price has formed higher lows and found resistance at the $470 level, creating an ascending triangle pattern on its daily chart. Price just bounced off the triangle support and is due for a test of resistance once more. Technical indicators are signaling that further gains are possible. Technical Indicators Signals. The 100 SMA is above the 200 SMA so the path of least resistance is still to the upside. A sharp move lower could find....
Bitcoin price could test the top of the triangle, which might hold as resistance since it coincides with the 100 SMA and is coming off a strong downtrend. The 100 SMA is below the longer-term 200 SMA so the path of least resistance is to the downside. This suggests that the $390-400 area might keep gains in check, pushing bitcoin price back to the bottom of the triangle at $370-375. Stochastic is on its way up, after just making it out of the oversold region. This indicates that bullish pressure is present and that buyers could attempt to push past the triangle resistance. If so, price....