BTC buy signal: key Bitcoin resistance level turned into support

September 14, 2023 11:21 PM AEST | By Invezz
Follow us on Google News:

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.


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

Top ASX Listed Companies

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK