BTC/USD – The Bitcoin Pair May See a Bullish Breakout
Take profit: 26,000
Stop loss: 24,200
Timeline: 1 day
Sell stop: 24,240
Take Profit: 23,000
Stop Loss: 26,000
The weekend was quite good for Bitcoin hodlers as the price surged with a strong bullish breakout and recorded a 50% uptrend from the lowest price level this year. This also means that the BTC price is doing better than other top assets like gold and Nasdaq 100. On Sunday, the BTC/USD price drifted below 25,350, which was its peak price for the past few months. On the daily charts, the pair was seen forming a break and retest pattern which is a bullish signal in most cases.
It looked like the market would be dominated by buyers judging from the crossover made by the pair, by going above the highest point in the month at 24,251. But this did not result in a bullish trend as the pair entered a consolidation phase later on. The RSI is moving towards the overbought level but the 25-day and 50-day MAs are giving off bullish signals again. But the signal won’t be relevant if the pair drops below the support at 21,547, as that would mean there are still more sellers in the market.
The 4H charts are also hinting at a possible bullish breakout with the pair price forming a cup and handle pattern before the breakout. An ascending triangle pattern was also seen in the charts and the RSI has moved a little below the overbought level. Looking at the overall picture, a bullish breakout can happen prior to or following the FOMC minutes. The DXY will be reacting to the US home sales numbers which could affect BTC price considering the negative correlation between the two.
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