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 Price Chart - Source: Tradingview

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



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