Daily Price Outlook
- Hold on tight as the Bitcoin rollercoaster continues! Bitcoin faces a thrilling challenge around the $31,000 level, encountering a double top obstacle in the race.
- Immediate support for Bitcoin can be found around $29,600, with potential further decline towards the key support zone at $28,250.
- Buckle up for potential targets at $32,500 and even $34,000 if momentum keeps building.
The Bitcoin rollercoaster continues! On the technical front, it seems like Bitcoin is facing a thrilling challenge around the $31,000 level. It’s like encountering a double top obstacle in the race! The appearance of doji and spinning top candles, along with the resistance at $31,000, suggests that the bullish energy is taking a breather and buyers might need to catch their breath. So, hold on tight because we might experience a fun-filled and bumpy ride with a modest corrective pullback in Bitcoin prices today.
But don’t worry, there’s always a support crew ready to lend a hand! Immediate support for Bitcoin can be found around the $29,600 level. If the price breaks below this level, brace yourselves for a potential further decline towards the key support zone at $28,250.
It’s like finding the perfect pit stop coinciding with the 50-day exponential moving average. And if the action gets really intense, the next support around $26,750 will come to the rescue! Now, let’s take a moment to check the excitement levels.
The relative strength index (RSI) and moving average convergence divergence (MACD) indicators are currently enjoying their time in the neutral zone.
It’s like they’re taking a break from the wild ride, suggesting that Bitcoin is neither overbought nor oversold. So, there’s a chance for a thrilling corrective move in the near future.
But hey, what if Bitcoin surprises us all and conquers the $31,000 level? Well, buckle up because the next target on the horizon is around $32,500.
And if the momentum keeps building up, the thrilling ride could push Bitcoin towards the $34,000 mark. So, keep those goggles on and enjoy the adventure!
BTC/USD Price Chart – Source: Tradingview
BTC/USD – Trade Idea
Entry Price – Sell Limit 30950
Take Profit – 28500
Stop Loss – 32250
Risk to Reward – 1: 1.88
Profit & Loss Per Standard Lot = +$245/ -$130
Profit & Loss Per Micro Lot = +$24/ -$13
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