BTC buy signal: key Bitcoin resistance level turned into support

September 14, 2023 11:21 PM AEST | By Invezz

BTC buy signal: key Bitcoin resistance level turned into support — Image source: Invezz

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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