Daily Price Outlook
- Bitcoin exhibited bullish momentum after rebounding from the 26,620 level.
- The formation of hammer candlesticks near 26,620 suggests a weakening bearish sentiment.
- Resistance is expected around the 27,275 level, with technical indicators indicating continued upward momentum.
On Friday, during the Asian session, the leading cryptocurrency Bitcoin exhibited bullish momentum after rebounding from the 26,620 level. This aligns with our previous price prediction, as we anticipated this price action in our recent Bitcoin forecast.
The 2-hour timeframe shows the formation of hammer candlesticks near the 26,620 level, indicating a weakening bearish sentiment and a possible buying opportunity for Bitcoin.
On the upside, Bitcoin is expected to encounter resistance near the 27,275 level, which coincides with the 61.8% Fibonacci retracement level that previously acted as support. This level is likely to serve as a barrier for further upward movement.
Additionally, key technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) have crossed into the buying zone, indicating a high probability of continued upward momentum, especially on the lower timeframe.
It’s important to note that there is a downward trend line on the daily timeframe that could potentially limit Bitcoin’s rise around the 27,275 level. A decisive break above this trend line could lead to a further increase towards the 27,499 level and potentially reach $28,000 as the next significant target.
BTC/USD Price Chart – Source: Tradingview
BTC/USD – Trade Idea
Entry Price – Buy Above 26600
Stop Loss – 26200
Take Profit – 27500
Risk to Reward – 1 : 2.25
Profit & Loss Per Standard Lot = +$900/ -$400
Profit & Loss Per Micro Lot = +$90/ -$40
Please click here to read and acknowledge our Trade Ideas Disclaimer before using these ideas in your strategies and trading. This document’s information, including forex signals and research, is for general informational and educational purposes only and does not provide specific financial, investment, or trading advice.
JOIN LONGHORNFX TODAY
24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.