Published On: Mon, Jul 11th, 2016

BTCUSD Price Technical Analysis – Ready to Break Out?

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BTCUSD price is consolidating inside a symmetrical triangle pattern visible on its 4-hour time frame. Price is already at the peak of the formation, which means that a breakout is bound to take place sooner or later.
An upside breakout could take BTCUSD up to the triangle highs around $775 while a downside break could lead to a test of the $550 support area. The moving averages are still oscillating, which means that the consolidation pattern could carry on.
Stochastic is on the move up, signaling that buying pressure is in play and that an upside breakout might be more likely. However, the oscillator is already near the overbought zone so sellers might be ready to take over soon. RSI is on middle ground, barely offering any strong directional clues at the moment.
Data from the US economy came in stronger than expected on Friday, as the NFP figure showed a 287K gain versus the projected 175K increase. The jobless rate rose from 4.7% to 4.9% but this was spurred by higher labor force participation. Average hourly earnings grew only 0.1% versus the projected 0.2% uptick.
This led to a bit of a boost for the US dollar but it seems that the rally was not …

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