Bitcoin price could move 15% to $97,938
Bitcoin's price is slightly below the 50-day and 200-day Exponential Moving Averages (EMAs) at the time of writing on Friday, as bulls attempt to push for a breakout from the falling wedge pattern shown in the daily chart.
A falling wedge signals a potential bullish reversal for Bitcoin's price, suggesting bearish momentum is fading. If validated with a breakout above the upper trendline resistance, expect a 15% rally to $97,938. Traders can buy on the breakout, setting stop-losses below this trendline. The target represents the distance between the pattern's widest points, extrapolated above the breakout point.
A crucial bullish point to consider for Bitcoin is the buy signal from the Moving Average Convergence Divergence (MACD), which manifested when the MACD line (blue) crossed above the signal line (red) on April 12. At the same time, the Relative Strength Index (RSI) indicator crossed above the center line and held at 51.97, pointing at a potentially strong bullish momentum.
Therefore, a break above the wedge pattern accompanied by high trading volume could mark the beginning of Bitcoin's return to the $90,000 range.#TRXETF
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