BTC/USD – The Uptrend Will Continue for the Pair if the Bullish Momentum Persists
Take profit: 30,000
Stop loss: 25,000
Timeline: 1-2 days
Sell Stop: 26,300
Take Profit: 25,000
Stop Loss: 28,200
The Bitcoin pair made a strong recovery during the weekend as we saw the price hit the highest level since last June by reaching 28,200. In fact, the pair has gained 80% from the lowest point that we saw this year. Apparently, the uncertainties surrounding the financial and banking sector of major economies has benefited Bitcoin which is reflected in the prices. Another reason behind the price rally in the Bitcoin market might be the fear of investors which can be seen from the drop of fear and greed index to the fear zone. The VIX index crossing $25 is also something to take note of. The focus has shifted to the Federal Reserve yet again as there are hints about a 0.25% compromise hike.
On the charts, we could see the pair forming a golden cross pattern. This pattern is formed when the 50-day and 200-day MAs cross each other which is a significant event. The RSI has also moved to the overbought level. It’s interesting how the pair price drastically moved from its lowest point of 20,000 last weekend. We saw the price move up reaching the highest point of the year as it moved over the key resistance level at 25,203. The pair also crossed the 23.6% Fibonacci Retracement level at 23,415. Overall the signals are very bullish and we expect that the uptrend will continue if the bullish momentum stays for a while.