Daily Price Outlook
- Bitcoin ($BTC) consolidating after failing to break resistance at $25,600
- Support level at $24,750 formed a bullish hammer candlestick, indicating possible reversal
- Monitoring $25,600 level crucial; RSI and MACD showing mixed signals
On the technical front, the cryptocurrency Bitcoin ($BTC) is currently showing a minor consolidation after failing to break above the resistance level at $25,600. Observing the four-hour timeframe, Bitcoin tested the support level at $24,750 and formed a bullish hammer candlestick, suggesting a possible reversal in the market.
The subsequent candlestick closed above the support level at $24,750, indicating potential bullish momentum.
It is worth noting that Bitcoin has already completed a 38.2% Fibonacci retracement around the $25,600 level. The inability to surpass this level may limit further upward movement.
Additionally, the $25,600 level previously acted as a triple bottom support on June 5, June 6, and June 10, which could provide resistance to Bitcoin’s price.
Monitoring the key level of $25,600 is crucial. As long as Bitcoin remains above this level, the bullish sentiment may continue. However, the relative strength index (RSI) and moving average convergence divergence (MACD) are showing mixed signals.
The RSI is below 50, indicating a bearish bias, but it has recently bounced above the zero line, entering the buying zone. The MACD is also crossing above its signal line, supporting the possibility of a bullish continuation.
If Bitcoin manages to break through the $25,600 level, it could potentially target the resistance levels at $26,000 and $26,250. On the downside, immediate support for Bitcoin is seen around $25,150 and $24,750.
BTC/USD Price Chart – Source: Tradingview
BTC/USD – Trade Idea
Entry Price – Sell Below 25550
Stop Loss – 25850
Take Profit – 25000
Risk to Reward – 1 : 1.8
Profit & Loss Per Standard Lot = +$550/ -$300
Profit & Loss Per Micro Lot = +$55/ -$30
Please click here to read and acknowledge our Trade Ideas Disclaimer before using these ideas in your strategies and trading. This document’s information, including forex signals and research, is for general informational and educational purposes only and does not provide specific financial, investment, or trading advice.
JOIN LONGHORNFX TODAY
24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.