BTC/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
* Bitcoin is trading around the $27,000 level during the Asian session.
* A descending channel and a double bottom pattern are providing potential support levels at $26,850 and $26,750, respectively.
* Bitcoin's price above $26,750 suggests a possibility of a bullish trend continuation with targets at $27,250 and potentially $27,650. However, a break below $26,750 may lead to a decline towards $26,200.
During the Asian session, the price of Bitcoin is trading around the $27,000 level. On the two-hour timeframe, Bitcoin has formed a descending channel, providing support around the $26,850 level. Additionally, there is a double bottom pattern that may act as a support level around $26,750. This range can serve as a pivotal point for Bitcoin, as long as it remains above $26,750 and within the channel, suggesting the possibility of a bullish trend continuation.
Analyzing the RSI and MACD, both leading technical indicators, they are in neutral territory. Bitcoin's price is fluctuating above and below the 50-day exponential moving average, indicating mixed sentiment among investors. Thus, today's pivotal point is likely to be at the $26,750 level.
If Bitcoin manages to hold above this level, it is advisable to consider buying positions with targets set at $27,250 and potentially $27,650. On the downside, a break below $26,750 could lead to a decline towards $26,200.
BTC/USD - Trade Idea
Entry Price – Buy Above 26750
Stop Loss – 26400
Take Profit – 27750
Risk to Reward – 1 : 2.85
Profit & Loss Per Standard Lot = +$1000/ -$350
Profit & Loss Per Micro Lot = +$100/ -$35
BTC/USD Price Analysis – May 15, 2023
Daily Price Outlook
Bitcoin's price experienced a 1.91% increase on Monday, reaching $27,359 and recovering from the significant decline it faced in the previous week. According to Michael Saylor, Bitcoin holds a crucial position in people's portfolios for several reasons.
Saylor asserts that Bitcoin serves as a tool that provides hope and property rights to the global population of eight billion individuals. Its ability to offer digital property and scarcity through mobile devices represents a transformative shift. Saylor points to a crisis of trust in traditional fiat currencies, banks, and governing authorities as the driving force behind the growing skepticism in the existing banking system.
As faith in conventional fiat diminishes, people are turning to commodity money. Saylor argues that commodities like Gold, Oil, and Property lack the adaptability required for routine transactions, whereas Bitcoin acts as a commodity and a necessary instrument for various transactional needs, addressing the expanding financial challenges faced worldwide. Saylor's positive remarks have contributed to Bitcoin's recovery from previous losses.
Additionally, Glassnode data reveals that the number of Bitcoin wallet addresses holding at least one bitcoin has surpassed one million. This increase in wallet addresses aligns with a significant price drop of over 65% throughout the year, particularly during notable market crashes in June and following the collapse of FTX, leading to a subsequent bankruptcy filing on November 11.
Since February 2022, around 190,000 individuals, known as whole-coiners, have joined the Bitcoin network as the price declined from its peak in November 2021. It's important to note that a single Bitcoin wallet address may not correspond to an individual, but reaching the milestone of one million addresses highlights the growing adoption of Bitcoin.
Many Bitcoin owners utilize multiple addresses, while prominent organizations such as Bitcoin exchanges and financial companies hold substantial Bitcoin holdings across various addresses. This news has contributed to the positive market gains observed in the BTC/USD trading on Monday.
BTC/USD – Technical Outlook
The price of bitcoin is showing signs of life as it breaks beyond the $27,000 barrier. Bitcoin, however, has to break over the $27,800 resistance level before any substantial upward movement can occur. Before the bulls came in, the price had fallen below $27,000 and had gotten as low as $26,200.
The price has formed a low around $25,851 and is currently correcting higher. A key bearish trend line near $27,000 on the hourly chart of BTC/USD has been broken, and the currency pair is now trading above both $26,500 and that line.
Bitcoin's current price is above the 50% Fibonacci retracement level of the fall from the $28,334 swing high to the $25,851 low. Price is trading above the 100 hourly Simple Moving Average and $26,500.
The 61.8% Fibonacci retracement level of the recent decline ($27,400) is providing initial resistance. Close to $27,800 is the next major barrier to growth.
If the price is able to close above $27,800, it may begin a solid uptrend. The next significant resistance level is about $28,000, above which the price might rise to $28,500.
But if Bitcoin can't go through $27,400, we might see another drop. On the downside, $27,000 and the 100 hourly Simple Moving Average provide near-term support.
If prices drop below the $26,500 area, the market may experience further weakness. In that case, it's possible that the price will fall back to the $26,000 level. Bitcoin's next significant support is at $25,000, so if prices keep falling, that's where it might end up.
Related:
* GOLD Price Analysis – May 15, 2023
BTC/USD Price Analysis – May 12, 2023
Daily Price Outlook
Bitcoin is currently trading at 26,297, experiencing a 4.49% decrease on Friday. The cryptocurrency has been on a downward trend for the eighth consecutive session, reaching its lowest level in eight weeks. This continued decline could be attributed to negative developments within the broader crypto industry.
One such development is the proposal by the UK Tax Authority (HMRC) to seize cryptocurrencies from businesses that evade their cryptocurrency tax obligations. HMRC is seeking new legislation that would grant it the authority to access online wallets as part of its efforts to modernize tax collection in the digital era. The news of these potential measures added additional pressure on BTC/USD prices.
Despite Bitcoin's decline, long-term holders of the cryptocurrency have been accumulating more tokens. This behavior is in contrast to the performance of the Nasdaq, the tech-heavy index on Wall Street, which has continued to rise. Investors perceive Bitcoin's recent price drop as a normal pause in a broader bullish market.
Markus Thielen, Head of Research and Strategy at Matrixport, has expressed concerns about the divergence between Bitcoin and tech stocks. He believes that based on historical correlations, Bitcoin should have surpassed $30,000 by now. The decoupling of the two assets could lead to further divergence. Nonetheless, the interest of long-term holders in Bitcoin has provided some relief.
Despite recent banking industry failures and macroeconomic concerns, Bitcoin has struggled to rally above the psychologically significant $30,000 level. The cryptocurrency slipped below $27,000 for the first time since March, showing resistance to the bullish momentum triggered by the banking crisis.
It's important to note that this paraphrased version may not capture all the nuanced details of the original text.
BTC/USD – Technical Outlook
The AUDUSD pair made an unsuccessful attempt to surpass the 0.6780 level and experienced a strong downward move, resuming its bearish correctional trend. Currently, it is approaching the 0.6665 level, and if this level is broken, it may further decline towards the 0.6550 region in the near term.
As a result, we anticipate the continuation of the bearish trend in the upcoming sessions. However, if the price manages to consolidate above the 0.6665 level despite the prevailing negative pressure, it could initiate new recovery attempts aiming to test the 0.6780 level once again.
For today's trading, we expect the price to move within a range of support at 0.6610 and resistance at 0.6730.
Happy trading!
Related:
* USD/JPY Price Analysis – May 12, 2023
BTC/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
* Bitcoin is trading bearish, breaking below the double bottom support level of $26,800.
* The formation of a three black crows candlestick pattern indicates a prevailing bearish sentiment in the market.
* The next support level at $25,450, corresponding to the 50% Fibonacci retracement mark, could be the target if the bearish trend continues.
The leading cryptocurrency, Bitcoin, is currently trading sharply bearish as it has dropped below the double bottom support level of $26,800. The violation of this level and the formation of three black crows candlestick pattern indicate a strong bearish sentiment prevailing in the market.
This downward trend could potentially extend towards the next support level at $25,450, which aligns with the 50% Fibonacci retracement mark.
On the other hand, if Bitcoin manages to surpass the $26,800 level, it may signal a potential bullish correction towards the $28,300 level. However, it is important to note that today's pivot point is likely to be around $26,800, and it will be crucial to monitor the price action closely.
BTC/USD - Trade Idea
Entry Price – Sell Below 26800
Stop Loss – 28350
Take Profit – 23850
Risk to Reward – 1 : 1.9
Profit & Loss Per Standard Lot = +$2698/ -$1417
Profit & Loss Per Micro Lot = +$269/ -$141
BTC/USD Price Analysis – May 09, 2023
Daily Price Outlook
Exchanging cryptocurrencies Three weeks after the U.S. Securities and Exchange Commission (SEC) blamed Bittrex Inc. for running an unlisted securities exchange, the company filed for default protection on Monday.
https://twitter.com/vidoka\_mark/status/1397819154284134408?s=20
The Seattle-based Bittrex stopped using it in the United States on April 30 and stated that Bittrex Global, which services clients outside of the United States, would not be affected by the default case. The business' non-American operations are headquartered in Liechtenstein.
https://twitter.com/LDNCryptoClub/status/1655823004587249664?s=20
According to a default filing presented in a Wilmington, Delaware, court, Bittrex's assets and disadvantages were both between $500 million and $1 billion.
Over the past year, a number of businesses in the cryptocurrency sector have filed for default. These losses were caused by a decline in asset prices, increased regulatory attention, and, in the case of the once-famous exchange FTX, illegal charges.
https://twitter.com/hadeaninc/status/1646857434168786945?s=20
On April 17, the SEC filed a case against Bittrex, saying that former CEO William Shihara had suggested cryptocurrency asset issuers looking to list their tokens on the company's platform take down any public comments that would press regulators to look into the token sales as protection.
The cryptocurrency assets on Bittrex's platform were not securities or investment contracts, according to Bittrex, which has renounced the SEC's charges.
https://twitter.com/shakeelasohail3/status/1127885360632086528?s=20
The majority of Bittrex's other biggest creditors were cryptocurrency exchange users. Without naming them by name, Bittrex highlighted 16 users who have at least $1 million in their accounts. According to the inquiry, the largest Bittrex customer account has assets of $14.6 million.
https://twitter.com/CopperLon/status/1140614730219999234?s=20
The Office of Foreign Asset Control of the Treasury Department was quoted as Bittrex's largest unsecured creditor in its request, owing the institution more than $24 million.
BTC/USD – Technical Outlook
Bitcoin's price has fallen below $28,000 and is now approaching the $27,000 support level. If it falls below that level, it could drop to $25,000. This decline was triggered by the break below $28,800, which has caused selling pressure to push BTC to the $27,200 level.
The price is currently trading below $28,000 and the 100 hourly Simple Moving Average, and a significant negative trend line has formed on the hourly chart with resistance at around $28,150.
The next significant support level for Bitcoin is around $27,000, and any further declines could push it down to $25,500. Keep an eye on the market and trade wisely!
Related:
* EUR/USD Price Analysis – May 09, 2023
BTC/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
* Bitcoin's price is approaching the $27,000 support level, and could drop to $25,000 if it falls below it.
* The decline was triggered by a break below $28,800, which has caused selling pressure to push BTC to the $27,200 level.
* A significant negative trend line has formed on the hourly chart with resistance at around $28,150, and the next support level is around $27,000.
Bitcoin's price has fallen below $28,000 and is now approaching the $27,000 support level. If it falls below that level, it could drop to $25,000. This decline was triggered by the break below $28,800, which has caused selling pressure to push BTC to the $27,200 level.
The price is currently trading below $28,000 and the 100 hourly Simple Moving Average, and a significant negative trend line has formed on the hourly chart with resistance at around $28,150.
The next significant support level for Bitcoin is around $27,000, and any further declines could push it down to $25,500. Keep an eye on the market and trade wisely!
BTC/USD - Trade Idea
Entry Price – Sell Below 27733
Stop Loss – 28175
Take Profit – 27000
Risk to Reward – 1 : 1.66
Profit & Loss Per Standard Lot = +$733/ -$442
Profit & Loss Per Micro Lot = +$73/ -$44
BTC/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
* Bullish BTC/USD outlook, targeting 29,300 resistance after dropping to 28,250.
* Rising demand may push BTC above 29,300; significant support near 28,650 level.
* Breaking below 28,650 could extend downtrend to 27,823 support and potentially 27,150.
The BTC/USD is trading with an optimistic tone after dropping to 28,250. On the 4-hour chart, Bitcoin has formed a bullish engulfing pattern and is now advancing towards the next resistance level at 29,300.
If demand for BTC increases, it could potentially break above the 29,300 mark, exposing it to the next resistance level at 29,975.
Conversely, on the downside, BTC is likely to encounter significant support around the 50-day exponential moving average, which may offer support near the 28,650 level.
Should the price break below the 28,650 level, the downtrend could extend until it reaches the next support level at 27,823.
If the price drops further below 27,800, the downtrend may continue until the next support level of 27,150.
BTC/USD Trade Idea
Entry Price – Buy Above $28,950
Stop Loss – $28,400
Take Profit – $29,700
Risk to Reward – 1 : 1.36
Profit & Loss Per Standard Lot = +$676/ -$496
Profit & Loss Per Micro Lot = +$67/ -$49
BTC/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
* Bitcoin is attempting to recover losses at $27,660, but faces strong resistance at $28,800 and $29,000 levels.
* Bitcoin has formed a base and is now recovering above the $28,000 resistance level, indicating a short-term bullish trend.
* A bullish trend line is forming with support near $28,200, while the $29,000 level represents a significant resistance level. The next major resistance levels are at $29,080 and $29,500.
The Bitcoin price is currently trying to recoup its recent losses at $27,660. The $28,800 and $29,000 levels, however, have become formidable obstacles. Bitcoin has formed a bottom and is now recovering above the $28,000 resistance level, signalling the beginning of a short-term positive trend.
Bitcoin's price was stopped in its tracks by strong opposition from the bulls at $28,800 and the 100 hourly Simple Moving Average (SMA). The dramatic decline in Bitcoin's value from the $29,975 swing high to the $27,665 low was also rejected close to the 50% Fib retracement level.
It has dropped below the 100 hourly simple moving average and the $28,800 mark.
On the hourly chart, however, a bullish trend line is forming with support near $28,200. The $28,800 level represents near-term resistance, with the $29,000 and $29,080 zones representing the following big resistance levels. If Bitcoin's price breaks above the $29,000 resistance mark, it may continue rising towards the $29,500 level.
The price may start falling again if it is unable to break through the $28,800 barrier level. On the downside, $28,200 and the trend line provide initial support, while $27,660, or the recent swing low, provides further cushion.
There is support at $27,200, and if the price keeps falling, it might drop as low as $26,500.
BTC/USD - Trade Idea
Entry Price – Sell 28750
Stop Loss – 29000
Take Profit – 27800
Risk to Reward – 1 : 3
Profit & Loss Per Standard Lot = +$950/ -$250
Profit & Loss Per Micro Lot = +$95/ -$25
BTC/USD Price Analysis – May 02, 2023
Daily Price Outlook
According to reports in the cryptocurrency news, Bitcoin and Ethereum experienced significant price declines overnight, potentially due to JPMorgan's acquisition of the struggling First Republic Bank.
https://twitter.com/bocvip/status/1652627370065506305?s=20
Cryptocurrency Price Action
Bitcoin experienced a drop in price from its weekend range of $29,000 to around $28,000 on Monday. On Wednesday, BTC rose to a weekly high of $30,080 due to fresh banking issues but fell below $28,000 in the afternoon. Before news about the First Republic Bank, the cryptocurrency traded in the week's $27,000 to $28,000 range.
Bitcoin reached its highest value since June 2020, surging to $31,019 late on April 14, breaking the $30,000 barrier for the first time in ten months. March was the strongest month for BTC since January, with a 20% rise. The world's largest cryptocurrency has lost almost 68.8% of its value this year.
https://twitter.com/PaulCrossland\_/status/1653298231907061760?s=20
Bitcoin market cap surges, but retreat from $30K continues - First Mover Asia
Entrepreneurs in the Western crypto industry are turning to the East for more tech-friendly regulations and new opportunities. Jack Tan, co-founder of Taipei's Woo Network, believes that a collaboration between the two regions could serve as a model for the future of cryptocurrency.
https://twitter.com/olsludwig/status/1653300281059188738?s=20
At the beginning of the trading day in Asia, Bitcoin is experiencing a 4% decline, trading at $27,981, while Ether is down by 2.45%, trading at $1,824.
https://twitter.com/data\_relevant/status/1631502586103713793?s=20
In Asia, the trading day has begun with Bitcoin starting at $27,981, which is a 4.9% decrease from the previous day, while Ether is down 3.8% to $1,824.
https://twitter.com/BtcAstroTrading/status/1590707705869905921?s=20
During a recent appearance on CoinDesk TV's All About Bitcoin, Joshua Frank, co-founder and CEO of research platform The Tie, pointed out that despite the gradual decline from $30,000, there are still several positive market indicators for Bitcoin.
https://twitter.com/ActivateDevs/status/1580603191774699524?s=20
Regulators took over First Republic on Monday, marking the third U.S. bank failure of the year and the largest since the 2008 financial crisis. JPMorgan Chase will acquire the deposits and assets of the bank.
https://twitter.com/Budgetdog\_/status/1653037783940825089?s=20
BTC/USD – Technical Outlook
Bitcoin's price has fallen below the $28,000 support level, reaching a low of $27,650, and failed to recover above the $29,000 resistance zone. The price is now consolidating losses near the $28,000 resistance zone, with immediate resistance at $28,050 and major resistance at $28,200.
Bitcoin is trading below the 100 hourly Simple moving average and a major bearish trend line is forming with resistance near $28,000.
If the price fails to clear the $28,200 resistance, it could continue to move down with immediate support at $27,650 and major support at the $27,200 zone.
BTC/USD Price Analysis – April 28, 2023
Daily Price Outlook
During Friday's Asian trading hours, Bitcoin managed to set aside concerns regarding the resurgence of banking unease and sluggish U.S. economic growth, maintaining a comfortable lead above $29,000.
https://twitter.com/Jacob\_Woods0/status/1651839446218838016?s=20
The price of the largest cryptocurrency by market capitalization was recently around $29,500, reflecting an increase of nearly 2.2% over the last 24 hours. BTC reached a high of $30,000 at one point; however, it still trails its peak of approximately $31,000 set in April.
Despite heavy liquidation of both short and long positions, as well as unverified reports of Bitcoin sales by the US government and the defunct Mt. Gox platform, investors seem to have put Wednesday's dramatic volatility behind them, when the cryptocurrency plunged to around $27,200 before bouncing back.
https://twitter.com/delete0120/status/1648859882693754881?s=20
US equity markets rose as concerns over the modest 1.1% growth in the first quarter GDP and the issues faced by regional bank First Republic were overshadowed by surprisingly strong earnings from tech giants Microsoft, Google, and more recently, Meta.
The S&P 500, which has a significant technology component, and the tech-focused Nasdaq Composite both experienced gains of 2.4% and 2%, respectively.
https://twitter.com/SchwabResearch/status/1126588249323872257?s=20
In recent days, the performance of bitcoin demonstrates investors' confidence in the cryptocurrency's ability to maintain value under challenging conditions, according to Bob Baxley, Chief Technology Officer at decentralized finance (DeFi) platform Maverick Protocol, as reported by CoinDesk's Jocelyn Yang.
https://twitter.com/TacoSteel/status/1651108053343928320?s=20
Retail investors must exercise caution with every move of Bitcoin, as it has experienced a highly turbulent month, and its future remains uncertain.
https://twitter.com/Tre3Nergy/status/1555594786047987713?s=20
It is important to note that the cryptocurrency's price is still approximately 65% below its all-time high. Macroeconomic conditions in major markets, such as the U.S. and the UK, have contributed to this volatility.
BTC/USD – Technical Outlook
Bitcoin's price started a fresh increase above the $29,000 resistance, with the potential to rally if it moves above the $30,000 level. The price remained stable above the $28,000 support zone, with BTC bulls pushing it above $28,500.
A significant contracting triangle has formed with support near $29,250 on the hourly BTC/USD chart. Immediate resistance is near $29,800 and the $30,000 zone follows the triangle trend line. A close above $30,000 could lead Bitcoin toward $30,500, possibly the key barrier at $31,200. If Bitcoin's price fails to clear the $29,800 resistance, a fresh decline may start, with support near $29,250 and the triangle region.
A downside break below the triangle might send the price towards the 50% Fibonacci retracement level from the $27,258 low to the $29,882 high, with the next major support near $28,250 or the 100 hourly Simple Moving Average. Further losses could take Bitcoin towards $27,800 in the near term.
Related:
* AUD/USDPrice Analysis – April 28, 2023