BTCUSD price is coming off a strong downtrend, indicating that there may be some downside momentum left once bears are finished taking a break. Price is testing the bottom of the triangle consolidation pattern right now so a quick bounce to the top might be possible.
BTCUSD price could test the top of the triangle, which might hold as resistance since it coincides with the 100 SMA and is coming off a strong downtrend. The 100 SMA is below the longer-term 200 SMA so the path of least resistance is to the downside. This suggests that the $390-400 area might keep gains in check, pushing bitcoin price back to the bottom of the triangle at $370-375.
http://www.forexminute.com/btcusd-price-technical-analysis-symmetrical-triangle-holding/
Topic: [2016-02-08] BTCUSD Price Technical Analysis – Symmetrical Triangle Holding! (Read 211 times)
February 08, 2016, 05:10:37 AM
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