Daily Price Outlook
- Bitcoin has found support around the $26,200 level, as indicated by the formation of doji and hammer candles.
- The $26,200 level is being reinforced as strong support for Bitcoin.
- The 50-day exponential moving average is acting as resistance near $26,500, creating additional pressure on Bitcoin.
Bitcoin has found a level of support around $26,200, as evidenced by the formation of doji and hammer candles. This suggests a possible weakening of the bearish sentiment and signs of exhaustion among sellers.
The $26,200 level is solidifying as strong support for Bitcoin. However, there is a discrepancy between the RSI and MACD indicators, with the RSI in the oversold zone and the MACD indicating a buy zone.
Bitcoin is facing resistance near the $26,500 mark, primarily due to the presence of the 50-day exponential moving average. This resistance is putting additional pressure on Bitcoin’s price, making it advisable to wait for a breakout from the current trading range.
If the price breaks below the $26,200 level, it could result in further downward movement, potentially reaching the $25,400 mark.
Conversely, a confirmed breakout from the current range could create selling opportunities, with a potential target around $24,750.
On a positive note, if Bitcoin manages to hold above $26,200, it could set its sights on resistance levels at $26,000 and $27,400. Breaking through the resistance at $26,500 is crucial for further upward movement.
BTC/USD Price Chart – Source: Tradingview
BTC/USD – Trade Idea
Entry Price – Buy Limit 26177
Stop Loss – 25791
Take Profit – 27360
Risk to Reward – 1: 3
Profit & Loss Per Standard Lot = +$1183/ -$386
Profit & Loss Per Micro Lot = +$118/ -$386
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