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%
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 analysisBitcoin 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!
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