BTC buy signal: key Bitcoin resistance level turned into support

Trade idea summary

• Buy/sell asset: Buy BTC/USD
• Entry price: $25,891
• Stop loss: $25,383
• Leverage: 1x
• Take profit 1: $26,518
• Take profit 2: $27,300
• Take profit 3: $28,014
• Timeframe: 1 week
• Maximum profit: 8.29%
• Maximum loss: 1.88%

BTC/USD chart and technical analysis

Bitcoin recently made a significant rally and closed above the major resistance level of $25,891. This level will now act as a strong support level.

Price has been ranging for the last couple of weeks until the recent rally and it will possibly once again retest the $25,891 support level before heading for another rally.

I am expecting the price will make an upward push to the $28,014 supply area in the coming rally.

Bitcoin fundamental analysis

Bitcoin rallied almost 3.7% after the CPI saw inflation jump beyond the expected 3.6%. Price will possibly continue the rally for the coming weeks as there is no major news data that will have a great impact on the crypto market.

BTC/USD trade setup takeaways

• I am expecting price will rally to the $28014 supply and resistance level. However, we have added numerous take-profit levels to ensure we win even if it doesn’t.
• Stoploss has been placed below the major support level with least probability of being hit.
• I’ll be watching this for at least 1 week. If for any reason other factors affect this and charts change dramatically, I will exit the trade immediately.
• Good luck!

The post BTC buy signal: key Bitcoin resistance level turned into support appeared first on Invezz.

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