Bitcoin price has been unable to pick a clear direction lately, with market participants holding out ahead of the top-tier market events this week. Perhaps the biggest market catalyst this week might be the FOMC statement, although no actual monetary policy changes are expected for now.Bitcoin Price Key Highlights
Bitcoin price has been moving sideways for quite some time, waiting for market catalysts to provide a clear direction.
Price has formed higher lows and lower highs, creating a symmetrical triangle visible on the 1-hour time frame.
Technical indicators are also reflecting hesitation among buyers and sellers.
Bitcoin price has been unable to pick a clear direction lately, with market participants holding out ahead of the top-tier market events this week.
Technical Indicators Signals
The moving averages are oscillating, confirming that this consolidation pattern could carry on for a while. Bitcoin price is treading around the bottom of the triangle formation but is also nearing the peak of the pattern, hinting that a breakout should take place soon.
Stochastic is pointing down, suggesting that bearish pressure could trigger a downside break of the triangle support and near-term consolidation around $380. In that case, bitcoin price could fall until the next area of interest at $300.
RSI is on middle ground, barely providing any strong clues at the moment. Bitcoin price might still have a chance to test the top of the triangle near the $400 resistance level before breaking out. If bullish pressure is strong enough, an upside break can take place and bring price up to the next resistance at $465 then closer to $500.
http://www.newsbtc.com/2016/01/27/bitcoin-price-technical-analysis-for-27012016-breakout-looming/
