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The crypto analyst, MMCrypto (@MMCrypto), tweeted a chart of Wyckoff events and phases yesterday and hinted that there is a massive move coming for the market leader, Bitcoin (BTC).
Currently, CoinMarketCap shows that BTC’s price experienced a 0.75% drop in price over the last 24 hours. This has pushed BTC’s weekly price performance further into the red – bringing the weekly loss to -1.89%. The crypto’s recent price movement has brought BTC’s price down to $27,913.40 at press time.
BTC’s price is also currently trading closer to its 24-hour low at $27,886.88. Meanwhile, its daily low stands at $28,132.48.
Daily chart for BTC/USDT (Source: TradingView)
BTC’s price is still trading within the consolidation channel between $26,548.32 and $28,791.82 at press time. The crypto’s price has consolidated within the middle level of this range, where it is also currently trading. This is also the same level as the 9-day EMA line, which is offering BTC’s price some support.
There is, however, some sell pressure present on BTC’s chart as bears attempt to push the crypto’s price below the 9-day EMA line before the end of today’s trading session.
The daily RSI is an indicator that traders and investors need to keep an eye on in the next 24-48 hours, as the daily RSI line is currently trading below the daily RSI SMA line. This suggests that BTC’s price may fall in the next 2 days.
On the other hand, BTC”s current price consolidation could be an early sign of a breakout in the coming weeks. If BTC’s price is able to maintain a position above the 9-day EMA line for the next week, it will be perfectly positioned to enter into a breakout in the coming few weeks.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.