BTC/USD is near the 27,025.00 mark as of this writing. The digital asset hit highs on Tuesday near the 27,500.00 level, topping Monday’s apex value by about 100.00 USD. However, BTC/USD achieved a high of only 27,400.00 yesterday, which technically suggested selling pressure may be developing. Bitcoin as always remains the domain of pure speculators and its true believers. This morning’s early price action has produced a challenge to 27,000.00 as a stronger reversal lower has developed.
The question for BTC/USD traders as they consider the pursuit of choosing a direction can be based on technical charts and perceptions of behavioral sentiment if they desire. Technically while BTC/USD is trading within sight of its highs for the week, it may be troubling that at least in the short-term price velocity did not show a massive amount of exuberance, nor ability to sustain prices above the 27,400.00 mark. Mid-term charts of BTC/USD via one and three-month vantage points are not inspiring for day traders who want to be buyers in my opinion.
BTC/USD 27,000.00 Level could become a Focus for Wagers
The potential to make money on BTC/USD for day traders is not merely by betting on upside price action, the digital asset often shows a tendency to move lower with dramatic speeds and can be sold via many brokerage platforms. Traders today will likely focus on the 27,000.00 level, if BTC/USD falls beneath this juncture and prices start to solidify beneath this value for a handful of hours this may be interpreted as a selling signal for some in the near-term.
Timing the price direction changes for BTC/USD is not easy. Adventures in gambling with Bitcoin can prove extremely expensive. Entry price orders must be used while pursuing BTC/USD positions; this is to ensure a ‘fill’ meets expectations. BTC/USD in the past few days has shown some brief signs of consolidation, but it is not advised to take them seriously because they will likely vanish without notice.
- Resistance near the 27,100.00 to 27,200.00 ratios should be monitored, if these prices which are within reach as of this writing are not challenged seriously over the next few hours – selling pressure may continue.
- If BTC/USD begins to flirt with support levels near the 26,900.00 to 26,800.00 marks this could be a dangerous sign for BTC/USD traders.
Potential of Selling Pressure in BTC/USD Mounting in the Near-Term
Any challenges to lower support particularly if they develop quickly, may spark nervous sentiment in BTC/USD which believes those who participated in recent buying activity may be seeking to cash out profits. A fall below the 26,800.00 if done with velocity could be interpreted that a technical selling wave that could be materializing which needs to be taken seriously.
Bitcoin Short-Term Outlook:
Current Resistance: 27,100.00
Current Support: 26,950.00
High Target: 27,300.00
Low Target: 26,650.00
Ready to trade Bitcoin in USD? We’ve shortlisted the best MT4 crypto brokers in the industry for you.