BTCUSD has formed lower highs and found support at $594.75, creating a descending triangle pattern on its 1-hour time frame. Price seems to be on its way towards testing the triangle support from here.
The 100 SMA is below the 200 SMA so the path of least resistance is to the downside. Also, the 100 SMA appears to be holding as dynamic resistance for now, with the longer-term 200 SMA closer to the top of the triangle.
RSI is pointing down and moving south so BTCUSD could follow suit. However, this indicator is nearing the oversold area, which suggests that sellers are getting exhausted and might allow buyers to take over, possibly leading to a bounce back up to the resistance near $600.
http://www.forexminute.com/btcusd-price-technical-analysis-descending-triangle-pattern/
Topic: [2016-09-26] BTCUSD Price Technical Analysis – Descending Triangle Pattern (Read 290 times)
September 25, 2016, 11:52:01 PM
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