Bitcoin spiked strongly in both directions over the past few hours as volatility ticked higher but failed to put price in a clear course. It is still trading within the symmetrical triangle consolidation previously highlighted but might be showing some upside.
The 100 SMA is below the longer-term 200 SMA, though, so the path of least resistance is to the downside. In other words, support is more likely to break than to hold. In that case, price could fall by the same height as the triangle, which spans $3,850 to around $4,050.
However, price is trading above the 100 SMA as an early indication of bullish momentum and might be poised to break past the 200 SMA dynamic resistance as well. Bitcoin appears to have closed above the triangle top but it could be too soon to see if this is not a fake out.
RSI is in the overbought zone and looks ready to move south to signal a pickup in selling pressure. There’s plenty of room for the oscillator to head lower before reaching the…
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