Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

BTC Will Experience a Strong Move This Weekend, Says Trader

Published 05/20/2023, 07:29 AM
Updated 05/20/2023, 07:30 AM
© Reuters.  BTC Will Experience a Strong Move This Weekend, Says Trader

  • The crypto trader and analyst Crypto Rover predicted that BTC will experience a breakout this weekend.
  • BTC’s price continued to trade below the key $27K mark at press time.
  • Technical indicators on BTC’s chart suggest that BTC will climb to above $27K in the next 48 hours.

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.

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.

The post BTC Will Experience a Strong Move This Weekend, Says Trader appeared first on Coin Edition.

See original on CoinEdition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.