Daily Trading Signal
* Bitcoin's price declines below $29,000, potentially dropping below $28,000.
* Short-term bearish phase was initiated after slipping below $30,000 and $29,500.
* Bears push price towards $28,000 support, with Bitcoin consolidating losses.
Bitcoin's price is declining below $29,000, with potential to drop further below $28,000 and approach the $27,200 support in the near term. Starting a new decline from the $30,500 resistance, BTC slipped below $30,000 and $29,500, entering a short-term bearish phase.
As the price dipped below $29,000, bears pushed it towards the $28,000 support. Currently consolidating losses, Bitcoin is trading well below $29,000 and the 100-hourly Simple Moving Average. Immediate resistance lies at $28,500, with a key bearish trend line on the BTC/USD hourly chart.
Major resistances are at $28,800 and $29,250, the latter near the 50% Fib retracement level of the drop from $30,461 to $28,009. Breaking above $29,250 could trigger a notable increase, potentially revisiting $30,000 or even $30,500.
If Bitcoin fails to surpass $28,500, it may keep declining. Immediate downside support is at $28,100, followed by $28,000. Breaking below $28,000 could lead to $27,400 or $27,200 support levels.
BTC/USD Trade Ideas
Entry Price – Buy Above $27,786
Stop Loss – $26,887
Take Profit – $28,685
Risk to Reward – 1 : 1
Profit & Loss Per Standard Lot = +$890/ -$890
Profit & Loss Per Micro Lot = +$89/ -$89
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