BTCUSD is taking a break from its recent climb once more, consolidating in a rising wedge formation just below the $600 handle. Bulls and bears might still be battling it out or taking it easy and waiting for stronger catalysts.
Price is testing the wedge support at the moment and stochastic is suggesting a possible break lower. The oscillator is already on the move south so BTCUSD might follow suit. RSI, on the other hand, is pointing up so a bounce to the wedge resistance might be possible.
Meanwhile, the 100 SMA is safely above the longer-term 200 SMA so the path of least resistance is to the upside. In the event of a downside breakout, the 100 SMA might still hold as dynamic support. The 200 SMA could be the line in the sand for a long-term uptrend pullback, as it lines up with a former resistance around $550.
http://www.forexminute.com/btcusd-technical-analysis-which-way-will-it-break-out/
Topic: [2016-06-07] BTCUSD Technical Analysis – Which Way Will It Break Out? (Read 270 times)
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