Bitcoin Price Technical Analysis for 06/28/2016 – Ascending Triangle Formation

Bitcoin price is consolidating in an ascending triangle pattern while market participants wait for more catalysts.
Bitcoin Price Key Highlights
Bitcoin price is back in consolidation after making strong moves in the past few weeks. Price has formed higher lows and found resistance around $680, creating an ascending triangle pattern. Bitcoin has just bounced off the triangle support and appears ready for another test of resistance. Bitcoin price is consolidating in an ascending triangle pattern while market participants wait for more catalysts.
Technical Indicators Signals
The 100 SMA is below the 200 SMA so the path of least resistance is to the downside. However, the gap between the two moving averages is narrowing and an upward crossover seems imminent, possibly indicating that buyers are regaining control. Bitcoin price is finding resistance at the 200 SMA, which usually holds as a dynamic inflection point.

This post was published at NewsBTC on 3:36 am June 28, 201.