Bitcoin seems to be giving in to selling pressure once more as the longer-term triangle resistance kept gains in check. Price could be setting its sights back on the support visible on the daily time frame.

The 100 SMA is still below the longer-term 200 SMA on this chart to confirm that the path of least resistance is to the downside or that resistance is more likely to hold than to break. Another way to look at it is that support is more likely to break than to hold. The price is closing in on the 100 SMA dynamic inflection point that might still draw some buying interest before it dips to the very bottom of the triangle closer to $3,800.

A break below this support could set off a slide that’s the same height as the triangle pattern, which spans $3,200 to $4,400. Similarly, a break past the resistance around $4,100 could lead to a rally that’s the same size.

RSI is pointing down, though, so sellers have the upper hand. This oscillator just crossed below the center line and has enough ground to cover before hitting the oversold region, which means that selling pressure could stay on for a bit longer. Similarly stochastic is heading south so the price could follow suit while sellers are in control.

Bitcoin traders seem to be getting exasperated with the lack of any momentum to the upside despite relatively strong bounces. With that, profit-taking has been quick and has led to another dip in prices.

Still, many point to the recovering bitcoin hash rate as a potential sign that bulls would keep defending support areas and might even attempt a break past the key $4,100 to $4,200 resistance levels. Note that price is also approaching the peak of the formation to signal that a breakout in either direction is bound to happen soon.

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