Daily Trading Signal
* Bitcoin price turns bullish following a breakout from the sideways trading range between 27,200 and 27,800, with a strong chance of an upward trend continuation.
* Immediate support is around 28,200, while the next target levels are 28,800 and 29,350 (50-day moving average), indicating a strong bullish trend.
* Consider buying positions above 28,200, targeting 28,700 or 29,350, and placing stop losses around or below 28,000.
The Bitcoin price prediction has turned bullish following the breakout of a sideways trading range between 27,200 and 27,800 levels. Since the Bitcoin price has breached the choppy trading range on the upside and formed a bullish engulfing pattern on the four-hourly time frame, the chances of an upward trend continuation remain solid today.
With that being said, if we examine the technical side of the market, Bitcoin is likely to find immediate support around the 28,200 level. A bearish break below this level could potentially push the BTC price down to the 27,800 level. However, the overall trend continuation remains strong; therefore, BTC has a high likelihood of reaching the next target level of 28,800.
On the upside, if BTC breaks out of the 28,790 level, it could target the 29,350 level, which is the 50-day moving average. We can see that the Bitcoin price has already crossed above this level, signaling that the chances of a bullish trend remain strong.
So, the idea is to look for a buy position above the 28,200 level with a target of 28,700 or 29,350. Meanwhile, a stop loss can be placed around or below the 28,000 level.
BTC/USD - Trade Idea
Entry Price – Buy $28200
Stop Loss – $27600
Take Profit – $29350
Risk to Reward – 1 : 1.9
Profit & Loss Per Standard Lot = +$1150/ -$600
Profit & Loss Per Micro Lot = +$115/ -$60
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