Yesterday, technical analyst CryptoCon tweeted that the rise of Bitcoin (BTC) is just a matter of time. The Pi Cycle Top indicator began to bullishly retest the 111 daily moving average after the post was published, which the analyst recognised as a very significant technical flag.

According to CoinMarketCap, the market leader's price was $27,063.83 at the time of publication, representing a 0.65% increase in the previous day. The weekly gain for BTC increased by this daily gain, bringing the total to +0.78%.

At the time of publication, the price of BTC was trading above the 9 EMA and 20 EMA lines on its 4-hour chart. But according to technical indicators, the market leader's price might not stay above these two EMA lines for the rest of the day's trading. 

On the 4-hour chart for BTC, the RSI line had a bearish slope that was heading towards oversold territory, and the 9 EMA line was just about to cross bearishly below the 20 EMA line. The next week, if BTC's price declines below the two aforementioned EMA lines, it will reach the next significant support level at $26,587.

The 4-hour chart's RSI line crossing below the RSI SMA line will serve as an early indicator that this bearish thesis has been proven correct. On the other side, if BTC closes the day's trading above the 9 EMA and 20 EMA lines on the 4-hour chart, it might try to challenge the $27,300 barrier to turn it into support over the course of the following 24-48 hours.

 

Disclaimer: All of the information in this price analysis, including the thoughts and opinions expressed in it, has been supplied in good faith. Readers are required to conduct their own due diligence and research. The reader solely assumes all risk for whatever action they may take. Any direct or indirect loss or damage is not the responsibility of Coin Edition or its affiliates.