Bitcoin Trading Analysis and Forecast
Buy Signal BTC/USD: We recommend buying the BTC/USD pair and setting a take-profit at 72,000, with a stop-loss at 64,000. This trade should be executed within a timeline of 1-2 days.
Sell Signal BTC/USD: Alternatively, selling the BTC/USD pair and setting a take-profit at 64,000, with a stop-loss at 72,000, could be a profitable strategy based on our analysis.
Bitcoin experienced a brief bullish breakout followed by a retreat, triggered by the US government’s movement of Silk Road coins. As of Tuesday, the BTC/USD pair was trading at 67,400, slightly lower than its recent peak of 70,000.
Several positive developments are driving Bitcoin’s mainstream acceptance, including public endorsements from influential figures like Donald Trump. The US government’s increasing involvement in the Bitcoin industry, with over 200,000 coins in its possession, is another significant factor.
The upcoming earnings reports from key industry players such as MicroStrategy, Riot Platforms, Coinbase, and Marathon Digital, as well as the US consumer confidence report and the Federal Reserve decision, will influence Bitcoin’s future price movements.
Technical Analysis of BTC/USD
Bitcoin’s price action has been hovering near the $70,000 resistance level, supported by the 50-day moving average. The MACD indicator remains bullish, while the Stochastic Oscillator shows a slight downward trend.
This suggests that the BTC/USD pair is likely to continue its upward momentum, targeting the crucial resistance level at 71,930. However, a retracement towards the 50-day moving average at 64,000 is also a plausible scenario.
For those interested in trading Bitcoin based on our analysis, consider using our free Forex signals and choose from the best MT4 crypto brokers available.
Source : www.dailyforex.com