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

Daily Price Outlook

• Bitcoin price holds above the $30,500 support and shows signs of a steady increase.
• Immediate resistance levels to watch are at $31,350 and $31,400, followed by $32,000.
• If support fails at $31,000, Bitcoin might see a correction towards $30,920 and potentially $30,550.

Bitcoin price has maintained stability and remains above the crucial support level of $30,500. The recent price action has seen a steady increase, breaking through the resistance at $30,820 and even surpassing the $31,000 and $31,400 resistance zones.

At the moment, the BTC/USD is holding its gains and trading just over the 23.6% Fibonacci retracement mark. It is also comfortably positioned above the 100 hourly Simple Moving Average, with a significant bullish trend line forming support around $30,920.

In terms of resistance, the immediate level to watch is around $31,350, followed by the major barrier at $31,400. A successful breakthrough above this level could trigger another strong upward move, potentially pushing the price towards the next significant resistance at $32,000.

Further gains could open doors for a potential move towards the $32,500 and $33,200 resistance zones.

However, if Bitcoin fails to clear the $31,400 resistance, a downside correction might occur. The immediate support level on the downside is expected around $31,000. If the price further declines, the next major support lies near $30,920 and the trend line.

Breaking below this level could lead to a drop towards the 50% Fibonacci retracement level or even towards the $30,550 zone, where the 100 hourly SMA is also located.

BTC/USD Price Chart – Source: Tradingview

BTC/USD - Trade Idea

Entry Price – Sell Below 31225

Take Profit – 30200

Stop Loss – 31500

Risk to Reward – 1: 3

Profit & Loss Per Standard Lot = +$1025/ -$275

Profit & Loss Per Micro Lot = +$102/ -$27