Daily Trade Ideas

BTC/USD Price Analysis and Trade Forecast: Daily Trading Signal

By LonghornFX Technical Analysis
Jun 1, 20232 min
Signal 2023 05 25 122632 002

Daily Price Outlook

  • Bitcoin is currently trading around the 26,850 level, displaying slightly bearish behavior.
  • The 78.6% Fibonacci retracement level has been reached, with the next support at 26,650.
  • Breaking above the 26,600 level could trigger a bullish reversal, while a break below it may lead to a target of around 26,000.

The price of Bitcoin is exhibiting slightly bearish behavior, trading around the 26,850 level. On the four-hour timeframe, Bitcoin has already reached the 78.6% Fibonacci retracement level and has fallen towards the next support level at 26,650.

This level holds significance as discussed in our previous update, as breaking above it could trigger a bullish reversal in Bitcoin’s price. The formation of a bearish engulfing candlestick below the 50-day exponential moving average indicates dominance by the bears in the market.

However, as long as the price remains above the 26,600 level, there is potential for a reversal and a move towards the resistance levels at 27,300, 27,500, or even 28,000. On the downside, if BTC breaks below 26,600, the next target could be around 26,000.

BTC/USD Price Chart – Source: Tradingview

BTC/USD – Trade Idea

Entry Price – Buy Above 26600

Stop Loss – 26200

Take Profit – 27500

Risk to Reward – 1 : 2.25

Profit & Loss Per Standard Lot = +$900/ -$400

Profit & Loss Per Micro Lot = +$90/ -$40

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BTC/USD

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