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

Daily Price Outlook

Bitcoin's price is making an upward attempt from the $29,500 level, with the potential to gain bullish momentum if it surpasses the resistance at $30,200.

The recent price movement followed a bearish path, breaking below the $30,200 pivot level and testing support at $29,500. However, a low has been formed around $29,500, leading to a fresh increase in price.

If the price manages to break the trend line and surpass the 61.8% Fibonacci retracement level of the downward move, starting from the swing high at $30,448 to the low at $29,500, the first major resistance will be encountered near $30,200.

A close above this level could initiate a fresh increase, targeting the next major resistance at $30,500 and potentially reaching the $31,000 resistance zone.

However, if Bitcoin fails to clear the $30,200 resistance, further downside movement may occur. Immediate support can be found around the $29,650 level, followed by a major support level near $29,500.

A break below this level could lead to bearish momentum, potentially pushing the price towards the $29,200 support zone. Any additional losses might bring the price down towards the $28,750 level in the near term.

BTC/USD - Trade Idea

Entry Price – Sell Limit 30405

Take Profit – 28766

Stop Loss – 31237

Risk to Reward – 1: 1.19

Profit & Loss Per Standard Lot = +$1639/ -$832

Profit & Loss Per Micro Lot= +$163/ -$83