On Friday, Bitcoin price corrected from previous sessions, signalling the possibility of forming and upside breakout with the potential for further gains over the next sessions.
Nevertheless, from a technical point of view, there is a triangle consolidation pattern now seen with a potential bearish pressure expected or at least pointing to a potential slowdown in bullish momentum. Therefore, the next session could be decisive and show the right path of the market, naturally depending also on the fundamentals.
As the technical analysis shows, the 100 SMA remains below the longer-term 200 SMA, pointing to the fact that there is a potential for bearish momentum to come back and prove that the break higher was only temporary.
On the other hand, its actual price stands above the 200 SMA dynamic inflection point, reflecting stronger bullish mood. Thus, a bullish crossover could come soon soon, in particular as it looks that all the MAs are only oscillating. According to the theory, the price could test even the price of approximately $8,400.
Also, the overall sentiment seems to be improving again, followed by a number of optimistic news from the industry. As Google announced its lift on bitcoin ban and ICO ads by October, public will renew its interest in this sector. Nevertheless, Google informed that only ads from regulated crypto entities will be accepted.