© Reuters. The trader says Bitcoin will see a strong move over the weekend
- Cryptocurrency trader and analyst Crypto Rover has predicted that BTC will see a breakout this weekend.
- BTC price continues to trade below the $27K mark at the time of writing.
- Technical indicators on the BTC chart are indicating that BTC will rise above $27K in the next 48 hours.
Cryptocurrency trader and analyst, Crypto Rover, predicted in a tweet this morning that a weekend breakout for (BTC) is imminent. This is after a parallel wedge formation on the 3-day BTC chart.
At the time of publication, CoinMarketCap indicated that BTC is up 0.25% over the past 24 hours. As a result, Bitcoin (BTC) price stood just below the key $27K level at $26.9K. This added to the already positive weekly leading price performance for the cryptocurrency – the total weekly gain rose to +0.28%.
BTC has not been able to replicate its positive performance against the dollar with its largest competitor, (ETH). At press time, BTC is down 0.15% against ETH.
BTC/USDT Daily Chart (Source: TradingView)
BTC price closed below the psychological $27k level on Thursday after dropping more than 2% in today’s trading session. Yesterday, it tried to regain the position again above the key level, and reached a high of $27,183, but it rebounded to close yesterday at $26,880.
The breakout predicted by Crypto Rover could be a rally as there is a large bullish flag about to break out on the daily chart of BTC. At the time of publication, the daily RSI line was looking to cross bullishly above the daily RSI SMA line. In addition, the daily RSI was in the oversold territory.
Should these two lines intersect, BTC could rise again above the $27k mark before moving towards $27,723.73. On the other hand, if BTC price breaks below the next support level at $26,300, it will drop sharply to the next support level around $24,700.
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BTC Will See Strong Movement This Weekend, Trader Says The post appeared first in Coin Edition.