Yesterday, the renowned crypto analyst, MMCrypto (@MMCrypto), shared a chart depicting Wyckoff events and phases on Twitter. The expert hinted at an imminent significant shift in the market leader, Bitcoin (BTC).
According to the latest data from CoinMarketCap, Bitcoin’s value has declined slightly by 0.75% in the past 24 hours. This has further declined its weekly performance, with a loss of -1.89%. As of now, Bitcoin’s current market value stands at $27,913.40.
The value of BTC is hovering near its 24-hour low, currently trading at $27,886.88. Additionally, its daily low is recorded at $28,132.48.
The price of BTC remains confined within the consolidation channel spanning from $26,548.32 to $28,791.82. Notably, the crypto’s value has settled within the midpoint of this range, where it continues to trade. It is worth noting that this level coincides with the 9-day EMA line, which supports BTC’s price.
Despite the current market conditions, there appears to be notable sell pressure exerted on BTC’s chart. The bears are making a concerted effort to drive the cryptocurrency’s price below the 9-day EMA line before the conclusion of today’s trading session.
As a savvy trader or investor, monitoring the daily RSI indicator closely over the next 24-48 hours is crucial. The daily RSI line trades below the daily RSI SMA line, indicating a potential BTC price decline in the coming two days. Stay vigilant and keep a watchful eye on this critical metric.
Alternatively, the current price consolidation of BTC may indicate an impending breakout shortly. Should BTC’s price sustain a position above the 9-day EMA line in the upcoming week, it will be optimally poised to initiate a breakout in the following weeks.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
