Daily Price Outlook
- Bitcoin finds significant support at $26,750, reinforced by a triple bottom pattern
- RSI and MACD indicators signal bullish conditions
- Potential for a bullish breakout above $26,750, targeting resistance levels at $26,950 and $27,650
Bitcoin is currently finding significant support around the $26,750 level, which is reinforced by a triple bottom pattern, indicating a potential bullish reversal. The hourly timeframe also shows a trend line providing support at this level, adding to the likelihood of an upward move.
The RSI and MACD indicators are both signaling bullish conditions, further supporting the case for a potential reversal. Additionally, the resistance level around $27,350 is pushing Bitcoin’s price higher.
Despite the current bearish trend, there is potential for a bullish breakout above the $26,750 level. If this breakout occurs, the next resistance levels to watch for are around $26,950 and $27,650.
A breakout above the $27,350 level could propel Bitcoin towards $27,650 and potentially higher, reaching levels around $27,900 or $28,000.
Key levels to monitor for today include the $27,000 support level, as a break below could indicate a continuation of the bearish trend. Conversely, if Bitcoin breaks above the $26,750 level, the next trend could be bearish once again.
BTC/USD Price Chart – Source: Tradingview
BTC/USD – Trade Idea
Entry Price – Sell Limit 27004
Stop Loss – 27471
Take Profit – 26489
Risk to Reward – 1 : 1
Profit & Loss Per Standard Lot = +$515/ -$467
Profit & Loss Per Micro Lot = +$51/ -$46
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