Cryptocurrency specialist, MMCrypto, recently tweeted a chart of Wyckoff events and phases which has lead to claims of a massive move coming soon for the market leader, Bitcoin (BTC). BTC's price has experienced a drop of 0.75% over the last 24 hours and stands at $27,913.40 at press time. This weekly performance has brought the crypto’s price down to -1.89%.

The current price of BTC is trading within a consolidation channel between $26,548.32 and $28,791.82. This is also where the support from the 9-day EMA line is holding up BTC's price. However, there still exists some sell pressure coming from the bears which could push the price of BTC below the 9-day EMA line by the end of today’s trading session.

It should be noted that the daily RSI line is currently trading below the daily RSI SMA line. This indicates a potential drop in the price of BTC in the coming 48 hours. On the other hand, if BTC's price is able to keep a position above the 9-day EMA line for the following week, it could then enter a breakout in the coming few weeks.

The analysis of the current market conditions of Bitcoin (BTC) reveals a potential massive move in the coming weeks. There is no guarantee that the predictions of MMCrypto will come true, however, investors and traders should keep an eye on the ongoing shift in the markets in order to stay up to date with the latest trend. By monitoring the indicator the daily RSI line, investors can forecast when the price of Bitcoin (BTC) is likely to move. It should also be noted that any action taken by investors should be done based exclusively on their own research and insight as Coin Edition will not bear any responsibility for losses incurred.



Other News from Today