Bitcoin Price Highlights
Bitcoin is located within a descending triangle on the daily chart
The price tests the support at $6,700 and is about to erupt
The Bitcoin price could not break the resistance at $7,800 and instead initiated an extreme downward movement, so the bottom level at $6,500 could be tested.
Bitcoin is testing the bottom of its bearish triangle on the daily chart and may see a breakout in the nearest future.
Technical Indicators Signals for the Bitcoin revolution
The 100 SMA is below the longer-term 200 SMA to signal that the path of the Bitcoin revolution leads to the downside. This suggests that selling pressure could be resumed. We have highlighted the resistance at $7,800 in recent chart analyses, which is extremely important for an upward move. Unfortunately, BTC was unable to breach the level and initiated a strong downward movement. We are finally approaching the bottom level of the highlighted range.
So far, the bottom at $6,500 an ounce has been confirmed three times and prevented further losses. It is important to observe the $6,500 level as a breach in the floor could lead to strong downward pressure. However, if the Bitcoin price bounces off this level, it could go back towards the $7,800 resistance in the near future.
Bitcoin Code Price Analysis
As you can see from the chart, the Bitcoin Code is moving in a descending triangle. The bottom at $6,500 could be reached and tested in the near future. The RSI is going down to signal that sellers have the upper hand. However, this oscillator is plunging into oversold territory to signal a slowdown in selling pressure.
The Stochastic is also moving south but has not yet reached oversold conditions, so further selling pressure may be possible. The main support level is at $6,500 an ounce, while resistance is at $7,800 an ounce.