The price of Bitcoin [BTC] seems to be boring investors at this point, with investors on Wall Street beginning to call the coin digital gold due to its constrained price movement. However, the long-term trend for Bitcoin might see the price bounce back, owing to the emerging trend patterns.
A trend reversal has occurred from the $6520 – $6660 mark down to the $6410 limit. The price recently moved up from the $6150 – $6185 mark, with another uptrend seen at the $6210 – $6370 limits.
The Parabolic SAR indicator is demonstrating a bullish signal as seen by the presence of the dots under the candlesticks.
The buying and selling pressure seem to have stabilized after recovering from the oversold zone as indicated by the RSI.
The MACD is moving upwards, with a bullish crossover seen recently.
The $9800 – $8390 – $6420 downtrend is still in power since May and is moving closer to the floor of the descending triangle. This is set at the $6155 level, marking a support that has historically held its ground as the bottom for Bitcoin. As the price is slowing moving closer to the bottom, another break upwards might occur.
This is also reflected by the volume oscillator, as it is moving closer to the low that it generally bounces off of.
The Pivot Points confirm the downward movement of the coin.
The Relative Vigor Index is demonstrating a slight bearish cross downwards, predicting a general reduction of momentum.
The price of Bitcoin seems primed for upwards movement in the short term, according to the Parabolic SAR and MACD indicators. However, the longer term outlook is yet to be seen and can be influenced by strong investor sentiment.
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