BTCUSD Price Technical Analysis – Short-Term Triangle Pattern BTCUSD has formed lower highs and found support at $605, creating a descending triangle pattern visible on its 1-hour chart. Price just bounced off the resistance and could be due for another test of support soon. The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside, which suggests that the floor could continue to keep losses in check. Price seems to be finding support at the 200 SMA dynamic inflection point already since this is in the middle of the triangle formation. Stochastic is on the move down, indicating that sellers are in control of BTCUSD price action for now. RSI is also southbound but appears to be turning higher to indicate an early return in buying pressure. In that case, price could make another attempt at breaking past the triangle resistance around $609. An upside break could lead to a climb of around $9, which is roughly the same height as the chart formation. A weak rally could find resistance at the triangle highs around $614. On the other hand, a downside break could lead to a drop of $9 as well or a move until the major psychological level at $600. The US NFP report could prove to be a huge catalyst for BTCUSD as traders are expecting to see strong results. After all, the ISM surveys have printed upbeat figures for both manufacturing and non-manufacturing sectors, supported by gains in their employment components for the month of September. The ADP non-farm employment change reading has been short of expectations, though. Still, an NFP reading higher than 100K could be enough to keep December Fed hike expectations in play while a stronger than expected figure could reinforce calls for a […]
