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BTC/USD analysis: potential buy entry around 29,328 support level

By: Invezz

October 21, 2023 at 14:47 PM EDT

BTC/USD trading strategy

Buy/sell asset: Buy BTC/USD
Entry price: 29,328
Stop loss: 28,664
Leverage: 1x
Take profit 1: 30,250
Take profit 2: 30,900
Take profit 3: 31,768
Timeframe: 1 week
Maximum profit: 8.4%
Maximum loss: 2.26%

BTC/USD chart and technical analysis

Bitcoin has made a considerable recovery since last week and its price has gained almost 14.3% since 11 October. Price is likely to gain another 8.4% and rise to the 31768 supply area in the coming days.

I am considering the 29321 recent support level for buy entry as there is a bullish order block and 0.786 Fibonacci level around the same price.

Moreover, the price has managed to retain its bullish trend and is making new higher highs. The overall crypto market has made a significant recovery in the last few days.

Bitcoin fundamental analysis

Fundamentally the prospects are positive and the recent rally in the price of Bitcoin is mainly influenced by the recent amendment to multiple spot Bitcoin exchange-traded fund applications and retail investors’ hope in the upcoming Bitcoin supply halving.

Bitcoin to US dollar trade idea takeaways

The price of Bitcoin will possibly continue its rally after making some correction.
I am expecting the price will rally to the 31,768 resistance level in the coming days.
Multiple take-profit levels have been added to secure profit along the way.
The risk-to-reward ratio on this trade is 1:3.7.
The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.
Good luck!

The post BTC/USD analysis: potential buy entry around 29,328 support level appeared first on Invezz.

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