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

Daily Price Outlook

• Bitcoin has found support around the $26,200 level, as indicated by the formation of doji and hammer candles.
• The $26,200 level is being reinforced as strong support for Bitcoin.
• The 50-day exponential moving average is acting as resistance near $26,500, creating additional pressure on Bitcoin.

Bitcoin has found a level of support around $26,200, as evidenced by the formation of doji and hammer candles. This suggests a possible weakening of the bearish sentiment and signs of exhaustion among sellers.

The $26,200 level is solidifying as strong support for Bitcoin. However, there is a discrepancy between the RSI and MACD indicators, with the RSI in the oversold zone and the MACD indicating a buy zone.

Bitcoin is facing resistance near the $26,500 mark, primarily due to the presence of the 50-day exponential moving average. This resistance is putting additional pressure on Bitcoin’s price, making it advisable to wait for a breakout from the current trading range.

If the price breaks below the $26,200 level, it could result in further downward movement, potentially reaching the $25,400 mark.

Conversely, a confirmed breakout from the current range could create selling opportunities, with a potential target around $24,750.

On a positive note, if Bitcoin manages to hold above $26,200, it could set its sights on resistance levels at $26,000 and $27,400. Breaking through the resistance at $26,500 is crucial for further upward movement.

BTC/USD Price Chart – Source: Tradingview

BTC/USD – Trade Idea

Entry Price – Buy Limit 26177

Stop Loss – 25791

Take Profit – 27360

Risk to Reward – 1: 3

Profit & Loss Per Standard Lot = +$1183/ -$386

Profit & Loss Per Micro Lot = +$118/ -$386