The value of Bitcoin (BTC) seems to be amassing more momentum as it bounces off the support of its triangle. Bitcoin (BTC) is slowly recovering as it now trading in the green. The value of the digital currency appears to have found support at the bottom of the descending triangle and it looks poised to test the top of the triangle in the short-term.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, Bitcoin (BTC) is valued at $6,415 after an increase of more than two percent over the past twenty-four hours. The digital currency currently boasts of a market cap of $110.74 billion and its trading volume over the past twenty-four hours is $3.82 billion.
Bitcoin (BTC) Technical Analysis
The 100-hourly simple moving average is over the longer-term 200-hourly simple moving average to indicate that the path of least resistance is currently heading north. This means that support is more likely to hold than to break. Nevertheless, it is worth noting that the value of the digital currency is beneath these levels to signal the presence of bearish pressure.
Relative Strength Index
The relative strength index is still increasing, this means that buyers are in control. This might be enough to take the value of the coin up to the hurdle of the triangle close to the $7k or the 50 percent Fibonacci retracement level at the $6,800 mark.
The 38.2 percent Fibonacci retracement level is near the 200-hourly simple moving average dynamic inflection point, and this could contribute to its strength as a hurdle. Stochastic oscillator is also heading higher, so the value of the digital currency could follow suit until the oscillator gets to the overbought zone and heads back south.
On the other hand, a massive rally past the top of the triangle could signal a return in strong bullish pressure, possibly resulting in a rally that is the same height as the triangle.