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

Daily Trading Signal

    * Bitcoin fails to maintain bullish momentum, dropping below $29,500 and pulling Ethereum under $2,000

    * BTC price consolidates around $28,577, facing immediate resistance at $29,050 and major resistance at $29,500

    * A failure to clear $29,500 resistance could lead to further decline, potentially testing $28,000 support or lower.

Bitcoin's price faced difficulty maintaining momentum above $30,250, leading to a decline below $30,000 and $29,500, impacting Ethereum as well. The price dropped past the $29,000 support, reaching $28,500, and is now consolidating around $28,577.

Currently, Bitcoin trades below $29,200 with immediate resistance at $29,050. Major resistances are set at $29,250 and $29,500. Breaking past $29,500 may lead to a potential increase towards $30,000 or $30,500.

However, Bitcoin's price could decline further if the $29,500 resistance isn't surpassed. Immediate downside support is $28,700, with the next major support at $28,500. Falling below $28,500 might result in a decline toward $28,000 or even $27,400.

BTC/USD Trade Ideas

Entry Price – Buy Above $28,550

Stop Loss – $27,250

Take Profit – $30,400

Risk to Reward – 1 : 1.4

Profit & Loss Per Standard Lot = +$1,850/ -$1,300

Profit & Loss Per Micro Lot = +$185/ -$130