Bitcoin (BTC) Price Watch: Waiting for a Triangle Breakout
Bitcoin Price Key HighlightsBitcoin price has formed higher lows and found resistance around $6,500 to create an ascending triangle pattern on its 1-hour chart.Price is currently testing the resistance and is nearing the peak of the formation, so a breakout might be due soon.Technical indicators are giving mixed signals on which direction the breakout might take.Bitcoin price is consolidating inside an ascending triangle pattern and might be due for a breakout in either direction soon.Technical Indicators SignalsThe 100 SMA is above the longer-term 200 SMA to signal that the path of least resistance is to the upside. This suggests that an upside break is more likely to occur than a break lower. Also, the moving averages are near the triangle bottom to add to its strength as a floor around $6,400.RSI is heading lower to signal that selling pressure is in play and that resistance would likely hold for now.
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