BTC/USD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Trading Signal

    * Bitcoin seeks to rebound from $27,200 support level.

    * Must surpass $28,000 for significant growth.

    * Currently in a bearish zone below $30,000.

Bitcoin is attempting to rebound from its support level of $27,200, but it must overcome the $28,000 hurdle to achieve considerable growth.

The digital currency has been in a downtrend under $30,000 and dipped further beneath $28,000 before discovering support at $27,200.

At present, it is in the process of consolidating losses and encountering resistance at $28,000 as well as the 100-hourly Simple Moving Average.

Should it breach this barrier, it may come up against resistance at $28,500 and $28,800 before potentially reaching $30,000.

However, if it cannot surpass $28,000, it may continue its decline, with support levels at $27,400 and $27,200. A drop below $27,200 could result in additional losses towards $26,800 and $26,500.

BTC/USD - Trade Idea

Stop Loss – $28250

Take Profit – $26800

Risk to Reward – 1 : 1.9

Profit & Loss Per Standard Lot = +$950/ -$500

Profit & Loss Per Micro Lot = +$95/ -$50