BTCUSD Analysis: Tweezer Bottom Pattern above $26,121

FXOpen

Bitcoin price continues its bullish momentum from last week after touching a low of $26,121 on May 25, with strong upsides located in the range of $28,500 and $29,000.

On the hourly chart:

  • We can clearly see a tweezer bottom pattern above the $26,121 handle, which indicates a bullish trend.
  • Both the STOCH and STOCHRSI indicate overbought market conditions, which means that in the immediate short term, a decline in the price may occur.
  • The MACD crosses UP its moving average.
  • The relative strength index is at 56.95, indicating a strong demand for Bitcoin and the continuation of the buying pressure in the market.
  • Most of the major technical indicators give a bullish signal, which means that in the immediate short term, the expected targets are $28,000 and $28,500.
  • Bitcoin price is now moving above its 100-hour simple moving average and 100-hour exponential moving average.
  • The average true range indicates low market volatility with mild bullish momentum.

Bitcoin Bullish Continuation Seen above $26,121

The Bitcoin to USD exchange rate entered into a consolidation zone above the $27,500 handle, after which we can see the start of the bullish move.

On the daily chart:

  • A bullish harami pattern is visible.
  • The RSI remains above 50, indicating a bullish market.
  • The Bitcoin price is now trading above its pivot level of $27,802.
  • The short-term range is mildly bullish.
  • The horizontal resistance is broken.
  • Bullish price crossover is seen with the AMA50 and the AMA100.

A support zone is located at $26,391, which is a 14-3-day raw stochastic at 20, and at $26,624, which is a 38.2% retracement from a 13-week high.

BTCUSD is now facing its classic resistance level of $27,854 and Fibonacci resistance level of $27,894, breaking which the price will be able to move to $28,500.

The Week Ahead

The start of this week has been excellent for Bitcoin as its price remained above the $26,000 handle, touching a high of $28,374 on 29th May.

Bitcoin price is bullish above the $28,000 handle on the daily chart with the formation of an ascending channel, with the current support at $26,729, which is a pivot point's first support level.

The immediate expected target is $28,500, after which we may see some consolidation in the $29,000 zone.

At the moment, the price is correcting lower and trading near $27,915, which is a 50% retracement from the 4-week high/low.

We can see the formation of a bullish trend line from $26,121 to $28,056.

The BTCUSD is now facing resistance at $28,098, which is a 3-10 day MACD oscillator, and at $28,538, which is the first resistance point of the pivot point indicator.

The weekly outlook for Bitcoin price is $29,500, with a consolidation zone of $29,000.

The short-term outlook for Bitcoin is mildly bullish, the medium-term outlook has turned bullish, and the long-term outlook remains neutral under present market conditions.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Crypto CFD Trading with FXOpen

Crypto CFD Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 40 markets 24/7
  • Trade with tight spreads and low commissions
  • Choose from 3 trading platforms: MT4, MT5, or TickTrader
Learn more

Latest articles

Shares

UnitedHealth (UNH) Share Price Plummets

UnitedHealth shares crashed by nearly 23% yesterday after the healthcare giant reported weaker-than-expected Q1 2025 results:

→ Earnings per share: actual = $7.20, expected = $7.29
→ Revenue: actual = $109.5bn, expected = $111.5bn

Technical Analysis of UNH Share Chart

As far

Indices

Stock Markets Consolidate Ahead of the Holidays

A lull is expected on the financial markets today due to a shortened trading week related to the Easter holiday celebrations.

It is reasonable to assume that traders will get a “breather” after a news-heavy April, which caused a volatile

Forex Analysis

The Pound and Euro Reach New Yearly Highs

Despite global economic instability and Donald Trump’s tariff policy, the EUR/USD and GBP/USD currency pairs are demonstrating upward momentum, reaching new yearly highs.

Today, market participants are focused on the European Central Bank meeting, where significant statements

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.