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

Daily Price Outlook

    * Mixed CPI figures from the US economy have led to a mixed trading sentiment in the market.

    * Bitcoin is currently trading around $27,500 and is facing resistance at the $27,550 level.

    * If BTC breaks below $27,300 level, it may go down to $26,900 or $26,500 levels, but if it holds above this level, it has the potential to bounce back up to $27,800 or $28,250 levels.

Good morning everyone. The release of mixed CPI figures from the US economy has led to a mixed trading sentiment in the market. The inflation figures showed mixed results, with core CPI being positive while CPI figure was negative. Investors are trying to assess which way the market is likely to move.

Meanwhile, Bitcoin is currently trading around $27,500. It saw a sharp rise to the $28,250 level but failed to cross it and dropped dramatically to the $26,800 level. However, the downturn was short-lived as BTC recovered and is now trading in a narrow range between $27,327 and $28,800 levels.

The technical indicators are mixed, with BTC prices holding both above and below the 50-day exponential moving average, which is currently acting as resistance around the $27,550 level. Similarly, the RSI and MACD indicators are holding in a buying and selling zone, with RSI below 50 and MACD above 0, indicating investor confusion regarding the market direction.

If BTC breaks below the $27,300 level, it has the potential to go down to $26,900 or $26,500 levels. On the other hand, if BTC manages to hold above $27,300 level, it has the potential to bounce back up to $27,800 or $28,250 levels.

BTC/USD - Trade Idea

Entry Price – Sell Below 27150

Stop Loss – 26750

Take Profit – 28245

Risk to Reward – 1 : 1.66

Profit & Loss Per Standard Lot = +$1009/ -$400

Profit & Loss Per Micro Lot = +$100/ -$40