Daily Price Outlook

  • Bitcoin finds support around $25,800 during the Asian session.
  • Hammer pattern formation suggests a potential bullish reversal.
  • Resistance at $26,600, reinforced by the 50-day exponential moving average, acts as a barrier for Bitcoin’s upward movement.

During the Asian session, the leading cryptocurrency Bitcoin has found support around the $25,800 level. The formation of a hammer pattern on the four-hour timeframe above the $25,800 level suggests a potential bullish reversal, indicating weakening bearish momentum.

However, Bitcoin faces resistance around the $26,600 level, which is reinforced by the 50-day exponential moving average. This level previously acted as support but now serves as a resistance after being violated. On the downside, if Bitcoin breaks below the $25,800 level, it could target the $25,500 level.

The RSI and MACD indicators are in the oversold zone, indicating the possibility of a minor bullish correction. Therefore, it is important to monitor the $25,800 level, as a break above it could lead to a slight bullish correction towards the $26,400 or $26,600 level.

BTC/USD Price Chart – Source: Tradingview

BTC/USD - Trade Idea

Entry Price – Buy Above 25900

Stop Loss – 25644

Take Profit – 26616

Risk to Reward – 1 : 2.8

Profit & Loss Per Standard Lot = +$716/ -$256

Profit & Loss Per Micro Lot = +$71/ -$25



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