Bitcoin (BTC) Price Analysis: Approaching Triangle Support-1.27

Bitcoin has formed lower highs and is gearing up for another test of support at the $5,800 area, possibly ready to form a descending triangle. A bounce could lead to a test of the resistance, this time around the $6,400 area.

The 100 SMA is still above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. In other words, support is more likely to hold than to to break. However, bitcoin has fallen below these levels to indicate that selling pressure is picking up.

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