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 Price Chart - Source: Tradingview

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



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