- Adrian Zdunczyk pointed out a falling wedge pattern that has formed on BTC’s daily chart.
- Should the bullish falling wedge pattern highlighted in the tweet be validated, BTC’s price may look to rise to $32K.
- At press time, BTC was worth $29,024.28 after its price dropped by 0.05%.
The founder of The Birb Nest trading community, Adrian Zdunczyk, pointed out a possible bullish chart pattern for Bitcoin (BTC) in a Twitter post published earlier today. According to the post, a falling wedge pattern has formed on the cryptocurrency market leader’s daily chart. If this pattern is validated, BTC’s price could rise in the following couple of days.
Should the bullish falling wedge pattern highlighted in Zdunczyk’s tweet be validated, BTC’s price may look to rise to $32K in the following week. Before this can happen, however, the cryptocurrency’s price will need to overcome the $29.6K resistance.
On the other hand, failure to close a daily candle above the 9-day EMA line at $29,228 within the next 48 hours could result in BTC’s price declining towards $27K in the following week. Nonetheless, BTC’s price will have up until around 20 August 2023 to break out towards the upside. After this, the cryptocurrency’s price will have exited the apex of the pattern.
Investors and traders will want to take note of the fact that the 9-day EMA line crossed bearishly below the 50-day EMA line throughout the past 24 hours. This may be followed by a bearish cross between the 20-day EMA line and the 50-day EMA line in the coming week.
Should this cross happen, it will indicate that BTC has entered into a medium-term negative trend. This will most likely result in the market leader’s price dropping in the following weeks.
When looking at BTC’’s shorter term performance, CoinMarketCap indicated that the cryptocurrency king only saw its price drop by 0.05% over the past 24 hours. This left it trading hands at $29,024.28 at press time.
During this period, BTC remained sandwiched between its highest point at $29,073.01 and its 24-hour low of $28,957.80. Notably, the cryptocurrency’s trading volume for the day amounted to approximately $6,480,243,786, representing a significant 43% decline from the previous day.
Additionally, this minor setback in BTC’s price performance led to it losing ground against its competitor, Ethereum (ETH), by 0.05%. Furthermore, its weekly performance also dipped, taking the total weekly performance to -0.89% at press time.
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.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
