bearish price market. bitcoin price. newsbtc Bitcoin Price Key Highlights
Bitcoin price had previously been trading inside a symmetrical triangle pattern , with bulls and bears unable to pick a clear direction.
Price finally broke to the downside, driven mostly by dollar rallies during the FOMC statement.
From here, bitcoin price could see further declines, probably leading up to a test of the support at $300.
As predicted in the previous article , a breakout was looming for bitcoin price. It decided to take the southbound route, as bears gathered enough strength to push below the triangle support. Rise in Bearish Momentum
Technical indicators also appear to be confirming this pickup in selling pressure, as stochastic and RSI are both moving down. However, these oscillators are already near the oversold levels, which suggests that sellers might need to take a break at some point.
If so, a pullback to the bottom of the triangle might take place and the former support area around $380 might now hold as resistance. For now, the moving averages are still oscillating, although a downward crossover might be imminent.
If this breakout proves to be a fake out, though, bitcoin price could still make it back inside the triangle and attempt and upside move. In that case, price could be able to climb towards the next resistance at $465 then at $500. bitcoin price, bitcoin trading, btcusd However, current market sentiment appears to be strongly in favor of the US dollar. Persistent global headwinds are keeping investors wary of taking on additional risk, weighing on demand for higher-yielding assets like bitcoin. FOMC Decision Also, the US central bank recently decided to keep monetary policy unchanged, barely making any significant adjustments to its previous bias. Fed officials reiterated that they would continue to tighten […]
