Bitcoin [BTC/USD] Technical Analysis: Bulls ready to take control of sluggish price as long-term pattern emerges

The price of Bitcoin [BTC] has continued its sideways movement which has been its defining characteristic over the past few days. However, it does not look like this movement will continue, as the market seems to be waking up to the real-world advancements made in the technology.

1 hour:

The price has found a resistance level at the $6660 mark, with an uptrend from $6525 – $6660. There is a downtrend continuing from $6660 – $6440 – $5420, coupled with an uptrend from $6210 – $6370. A support has also presented itself at the $6150.

The Parabolic SAR is bullish, as seen by the presence of the dots below the two most recent candlesticks.

The RSI has recovered from the oversold zone and has come back to the middle to represent equal buying and selling pressure.

The Awesome Oscillator is turning bullish, as evidenced by the green bars on the indicator.

1 day:

The descending triangle formation is still being observed between the downtrend from $9800 – $8390 – $6430 and the support level at $6150 and $5850. There are resistances provided by the downtrend at the $8390 and $7360 marks.

The MACD is demonstrating a bullish crossover as the MA crosses upwards across the signal line.

The Klinger Volume Oscillator is also demonstrating a bullish crossover, depicting that the price might move upwards.

Conclusion:

The price of Bitcoin seems to be headed for a bullish break as the indicators are demonstrating bullish signs across the board. Moreover, the close proximity of the price to the pattern depicted over the long-term points to a breakout in favor of the bulls.

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