Daily Trading Signal
* Bitcoin fails to maintain bullish momentum, dropping below $29,500 and pulling Ethereum under $2,000
* BTC price consolidates around $28,577, facing immediate resistance at $29,050 and major resistance at $29,500
* A failure to clear $29,500 resistance could lead to further decline, potentially testing $28,000 support or lower.
Bitcoin's price faced difficulty maintaining momentum above $30,250, leading to a decline below $30,000 and $29,500, impacting Ethereum as well. The price dropped past the $29,000 support, reaching $28,500, and is now consolidating around $28,577.
Currently, Bitcoin trades below $29,200 with immediate resistance at $29,050. Major resistances are set at $29,250 and $29,500. Breaking past $29,500 may lead to a potential increase towards $30,000 or $30,500.
However, Bitcoin's price could decline further if the $29,500 resistance isn't surpassed. Immediate downside support is $28,700, with the next major support at $28,500. Falling below $28,500 might result in a decline toward $28,000 or even $27,400.
BTC/USD Trade Ideas
Entry Price – Buy Above $28,550
Stop Loss – $27,250
Take Profit – $30,400
Risk to Reward – 1 : 1.4
Profit & Loss Per Standard Lot = +$1,850/ -$1,300
Profit & Loss Per Micro Lot = +$185/ -$130
Please click here to read and acknowledge our Trade Ideas Disclaimer before using these ideas in your strategies and trading. This document’s information, including forex signals and research, is for general informational and educational purposes only and does not provide specific financial, investment, or trading advice.
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