Daily Price Outlook
* Bitcoin shows bullish momentum, surpassing resistance levels at $27,000 to $27,200.
* Technical indicators, including RSI and MACD, support a strong bullish bias.
* Monitoring the $27,200 level for potential further upward movement in Bitcoin's price
On Tuesday, the popular cryptocurrency Bitcoin is experiencing a bullish surge, surpassing the resistance levels around $27,000 to $27,200. The four-hour timeframe shows a breakthrough of a symmetrical triangle pattern and a downward trend line, indicating a bullish momentum in the market.
Bitcoin's price is now aiming for the next resistance level at $27,650, and a successful breach of this level could lead to further upward movement towards $27,000 and $28,300.
In terms of technical indicators, both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) support a strong bullish bias. The RSI has crossed above the 50 level, while the MACD has moved above the zero level.
Additionally, the 50-day exponential moving average is acting as a significant support around $26,800, providing further confidence in Bitcoin's bullish trend.
Given the positive technical indicators, it is advisable to monitor the $27,200 level as a breakout above this level could signify the continuation of Bitcoin's upward trend.
BTC/USD - Trade Idea
Entry Price – Buy Above 27215
Stop Loss – 26926
Take Profit – 27996
Risk to Reward – 1 : 2.6
Profit & Loss Per Standard Lot = +$781/ -$289
Profit & Loss Per Micro Lot = +$78/ -$28
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