Bitcoin Price Technical Analysis for 07/07/2016 – Another Consolidation Pattern

Bitcoin price could be due for more losses if it breaks below the support of this symmetrical triangle pattern.
Bitcoin Price Key Highlights
Bitcoin price recently formed higher lows and lower highs, creating a symmetrical triangle formation on the 1-hour time frame. Price appears ready to make a downside break, perhaps indicating that further losses are in the cards. The short-term consolidation pattern looks like a bearish flag when viewed from the longer-term time frames. Bitcoin price could be due for more losses if it breaks below the support of this symmetrical triangle pattern.
Technical Indicators Signals
The 100 SMA is above the 200 SMA for now so the path of least resistance may be to the upside. However, the gap between the moving averages is narrowing so a downward crossover might take place, indicating that sellers are taking control of bitcoin price action.

This post was published at NewsBTC on 4:46 am July 7, 201.