© Reuters. Bitcoin (BTC) on the verge of a bullish breakout, analyst says
- CryptoCon technical analyst believes that it is only a matter of time before BTC starts to “take off”.
- At the time of publication, BTC price has printed minor gains over the 24 hours – sending its price above $27K.
- BTC may be looking to turn the $27.3k resistance into support within the next 24-48 hours.
A CryptoCon tech analyst tweeted yesterday that it is only a matter of time before (BTC) starts to take off. The post was published after the Pi Cycle Top Index started a bullish retest of the 111 daily moving average, which the analyst noted as a very important technical sign.
At press time, CoinMarketCap indicated that the market leader’s price stood at $27,063.83 after gaining 0.65% over the past 24 hours. This daily gain also added to BTC’s weekly gain – bringing the total to +0.78%.
4-hour chart for BTC/USDT (Source: TradingView)
BTC price is trading above the 9 EMA and 20 EMA lines on the 4-hour chart at press time. Technical indicators are indicating that the price of the market leader may not maintain its position above both exponential moving average (EMA) lines for the rest of today’s trading session.
The RSI line on the 4-hour chart of Bitcoin was sloping lower towards the oversold territory, and the 9 EMA line was about to cross lower below the 20 EMA line. If BTC price breaks below the two EMA lines mentioned earlier, it will drop to the next major support level at $26,587 in the following week.
An early confirmation of the validity of this bearish thesis would be the 4-hour chart’s RSI line below the RSI SMA line. On the other hand, if BTC can close today’s trading session above the 9 EMA lines and 20 EMA lines on the 4-hour chart, then you might look to challenge the $27,300 resistance to turn the level back into support in the next 24-48 hours.
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After Bitcoin (BTC) Is On The Verge of a Bullish Breakout, Analyst Says Debuting Coin Issue.