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



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