BTC/USD is making a correction after the recent rally and will possibly drop and retest the 26,064 support level before continuing the bullish trend. The 26,064 is a major support level and will possibly push the price upward.
Price made lower lows and dropped below the 27104 support level this week and will keep dropping until it reaches the 26,064 support level.
The drop in the price of Bitcoin is also reflected on all the altcoins which are falling even steeper and will possibly keep dropping until the CPI data is published on the US dollar this Friday.
Bitcoin’s fundamental analysis
Fundamentally, I am expecting the Crypto market will keep dropping until the CPI data is published.
If the data comes out positive and better than expected then the price of Bitcoin will possibly further drop and if the data turns out negative the price of Bitcoin might rally against the US dollar.
Bitcoin to US dollar trade idea key takeaways
Bitcoin will possibly drop and retest the 26,064 support level before making another rally.
I am expecting the price will make a steep recovery from the 26,064 support level.
Multiple take-profit levels have been added to secure profit along the way as the market can bounce back and hit the stoploss.
The risk-to-reward ratio on this trade is 1:5.9.
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