The crypto trader and analyst, Crypto Rover, predicted in a tweet this morning that a breakout for the Bitcoin price is imminent this weekend. He predicted this after a parallel wedge formed on BTC’s 3-day chart. He tweeted the following picture:
At the time of writing, CoinMarketCap indicated that BTC had gained 0.25% in the past 24 hours. As a result, the price of Bitcoin (BTC) was just below the all-important $27,000 level at $26.9K. This came on top of the leading crypto’s already positive weekly price performance, bringing total weekly gains to +0.28%.
BTC failed to match its positive performance against the dollar with its closest competitor, Ethereum (ETH). At the time of writing, BTC was down 0.15% against ETH.
The price of BTC closed below the psychological level of USD 27,000 on Thursday after falling more than 2% in that day’s trading session. Yesterday, it attempted to break above this key level again, hitting a high of $27,183, but finally dropping to $26,880 by the close of the day.
The outbreak that Crypto Robber predicted could be an uptick as a significant bullish flag threatened to be triggered on BTC’s daily chart. At this point, the daily RSI line was looking to bullishly cross above the daily RSI SMA line. In addition, the daily RSI was in oversold territory.
If these two lines cross, BTC could rise again above USD 27,000 before moving towards USD 27,723.73. On the other hand, if the price of BTC breaks below the next support level at USD 26,300, it will drop sharply towards the next support level around USD 24,700.
The message Bitcon price will break out this weekend, according to analyst appeared first on CryptoBenelux.