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The crypto trader and analyst, Crypto Rover, predicted in a tweet this morning that a weekend breakout for Bitcoin (BTC) is imminent. This is after a parallel wedge had formed on BTC’s 3-day chart.
At press time, CoinMarketCap indicated that BTC had printed a 0.25% gain over the last 24 hours. As a result, the price of Bitcoin (BTC) stood just below the key $27K level at $26.9K. This added to the leading crypto’s already-positive weekly price performance – taking the total weekly gain to +0.28%.
BTC was unable to replicate its positive performance against the Dollar with its biggest competitor, Ethereum (ETH). At press time, BTC was down 0.15% against ETH.
Daily chart for BTC/USDT (Source: TradingView)
BTC’s price closed below the psychological $27K level on Thursday following a more than 2% drop in the day’s trading session. Yesterday, it had attempted to reclaim a position back above the key level, and reached a high of $27,183, but retraced to close yesterday at $26,880.
The breakout predicted by Crypto Rover may be a rally given that a significant bullish flag was on the verge of triggering on BTC’s daily chart. At press time, the daily RSI line was looking to cross bullishly above the daily RSI SMA line. In addition to this, the daily RSI was in oversold territory.
Should these two lines cross, BTC could climb back above the $27K mark before moving towards $27,723.73. On the other hand, if BTC’s price breaks below the next support level at $26,300, then it will drop sharply to the next support level at around $24,700.
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