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 Price Chart - Source: Tradingview

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



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