Bitcoin Price Technical Analysis for 07/12/2016 – Watch Out for a Breakout!

Bitcoin price could be due for a strong break out of its consolidation pattern, but traders still seem to be undecided which way to push.
Bitcoin Price Technical Analysis
Bitcoin price is still stuck in its consolidation pattern visible on the 4-hour time frame. Price is already at the peak of the symmetrical triangle formation, which means that a breakout could take place anytime now. Technical indicators and market sentiment appear to be hinting at a downside break. Bitcoin price could be due for a strong break out of its consolidation pattern, but traders still seem to be undecided which way to push.
Technical Indicators Signals
The 100 SMA is below the 200 SMA so the path of least resistance is to the downside. A candle close below the $640 level could be enough to confirm a break lower, triggering a longer-term drop to the triangle bottom near $550. On the other hand, a long green candle closing above $650 could signify an upside breakout and start a climb to the triangle top at $775.

This post was published at NewsBTC on 4:23 am July 12, 201.