BTC buy signal: key Bitcoin resistance level turned into support

BTC/USD chart and technical analysis

Bitcoin recently made a significant rally and closed above the major resistance level of $25,891. This level will now act as a strong support level.

Price has been ranging for the last couple of weeks until the recent rally and it will possibly once again retest the $25,891 support level before heading for another rally.

I am expecting the price will make an upward push to the $28,014 supply area in the coming rally.

Bitcoin fundamental analysis

Bitcoin rallied almost 3.7% after the CPI saw inflation jump beyond the expected 3.6%. Price will possibly continue the rally for the coming weeks as there is no major news data that will have a great impact on the crypto market.

BTC/USD trade setup takeaways

• I am expecting price will rally to the $28014 supply and resistance level. However, we have added numerous take-profit levels to ensure we win even if it doesn’t. 
• Stoploss has been placed below the major support level with least probability of being hit.
• I’ll be watching this for at least 1 week. If for any reason other factors affect this and charts change dramatically, I will exit the trade immediately. 
• Good luck!