Bitcoin Price Technical Analysis for 06/03/2016 – Another Breakout Looming?

Bitcoin price might be in for another sharp breakout since it is approaching the peak of its short-term triangle consolidation pattern.
Bitcoin Price Key Highlights
Bitcoin price has been stuck in consolidation once more, as traders are waiting for more directional clues. Today’s top-tier events and potential profit-taking ahead of the weekend could spur stronger moves. Price has formed higher lows on the 1-hour time frame and found resistance around $550, creating a short-term ascending triangle pattern. Bitcoin price might be in for another sharp breakout since it is approaching the peak of its short-term triangle consolidation pattern.
Technical Indicators Signals
The 100 SMA is above the 200 SMA on the 1-hour time frame, suggesting that the path of least resistance is to the upside. In that case, a candle closing past the $550 triangle top could lead to another rally to the latest highs at $600.

This post was published at NewsBTC on 4:50 am June 3, 201.