Daily Price Outlook

  • Bitcoin faces selling pressure after breaking $27,500 and the 50% Fibonacci, signaling a bearish trend.
  • It has reached the 61.8% Fibonacci at $27,250 and approaches support at $26,950.
  • A breakout above $27,950 could target support at $26,500, triggering a bullish upswing. Resistance levels are at $27,300 and $27,500. Monitor $27,500 and watch for rebounds near $26,500.

Bitcoin is currently encountering considerable selling pressure following its breach below the crucial $27,500 level, which acted as a robust support for the cryptocurrency. The four-hour chart reveals a breach not only of the 50% Fibonacci retracement level but also of the Alpha train line, amplifying the bearish sentiment.

A bearish engulfing candlestick pattern further confirms the prevailing downward trend. Bitcoin has already descended to the 61.8% Fibonacci retracement level at $27,250 and appears to be gravitating towards the next significant support at the 78.6% Fibonacci level, approximately $26,950.

A successful breakthrough above the $27,950 level has the potential to propel Bitcoin's price towards the subsequent support zone at $26,500. This level has proven its reliability as a support multiple times in the past, exemplified by its role on the 14th, 17th, 18th, 22nd, and most recently on the 27th. Consequently, it holds substantial significance.

A decisive close above the critical threshold of $26,500 is likely to ignite a bullish upswing for Bitcoin's price. On the upside, we anticipate the reestablishment of the previously violated resistance level around $27,300, followed by the subsequent resistance at $27,500. Moreover, if the upward momentum persists, Bitcoin could potentially challenge the next resistance level at $28,000.

To conclude, diligent monitoring of the $27,500 level is crucial as it serves as a pivotal support zone, while also remaining vigilant for potential rebound opportunities in the vicinity of the $26,500 level for Bitcoin. BTC/USD Price Chart – Source: Tradingview

BTC/USD - Trade Idea

Entry Price – Sell Below 27250

Stop Loss – 27800

Take Profit – 26500

Risk to Reward – 1 : 1.35

Profit & Loss Per Standard Lot = +$750/ -$550

Profit & Loss Per Micro Lot = +$75/ -$55



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