Bitcoin (BTC) Price Watch: Trend Line Break and Correction

Bitcoin Price Key Highlights Bitcoin price recently broke above a short-term descending trend line as an early reversal signal. Price reached the $6,650 level then made a pullback to the broken resistance, which lines up with the Fibs. Technical indicators also suggest a continuation of the reversal. Bitcoin price broke above its descending trend line and is making a retest of this area before heading further north. Technical Indicators Signals The 100 SMA is still below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. This indicates that the selloff is more likely to resume than to reverse. However, the gap between the two is narrowing to indicate that a bullish crossover may be due. Also, the 100 SMA appears to have held as dynamic support just above the broken trend line. This also coincides with the 50% Fibonacci retracement level

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