Daily Price Outlook

    * Bitcoin is trading bearish, breaking below the double bottom support level of $26,800.

    * The formation of a three black crows candlestick pattern indicates a prevailing bearish sentiment in the market.

    * The next support level at $25,450, corresponding to the 50% Fibonacci retracement mark, could be the target if the bearish trend continues.

The leading cryptocurrency, Bitcoin, is currently trading sharply bearish as it has dropped below the double bottom support level of $26,800. The violation of this level and the formation of three black crows candlestick pattern indicate a strong bearish sentiment prevailing in the market.

This downward trend could potentially extend towards the next support level at $25,450, which aligns with the 50% Fibonacci retracement mark.

On the other hand, if Bitcoin manages to surpass the $26,800 level, it may signal a potential bullish correction towards the $28,300 level. However, it is important to note that today's pivot point is likely to be around $26,800, and it will be crucial to monitor the price action closely.

 BTC/USD Price Chart - Source: Tradingview

BTC/USD - Trade Idea

Entry Price – Sell Below 26800

Stop Loss – 28350

Take Profit – 23850

Risk to Reward – 1 : 1.9

Profit & Loss Per Standard Lot = +$2698/ -$1417

Profit & Loss Per Micro Lot = +$269/ -$141



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