SIGNAL FOREX

BTC/USD Forex Signal: Bullish Above $10,970 – DailyForex.com


This scenario is looking more likely now we see risk sentiment returning more strongly to the market.

BTC/USD: Highest price in 10 days

Yesterday’s signals produced a short trade from the bearish rejection of the resistance level identified at $10,790. This trade is more or less at breakeven. I do not have much faith in its success so it may be wise to exit unless the price starts making new short-term lows soon.

Today’s BTC/USD Signals

Risk 0.50% per trade.

Trades must be taken prior to 5 pm Tokyo time Wednesday.

Long Trade Ideas

  • Go long after a bullish price action reversal on the H1 time frame following the next touch of $10,620 or $10,414.
  • Put the stop loss $50 below the local swing low.
  • Move the stop loss to break even once the trade is $50 in profit by price.
  • Take off 50% of the position as profit when the trade is $50 in profit by price and leave the remainder of the position to run.

Short Trade Ideas

  • Go short after a bearish price action reversal on the H1 time frame following the next touch of $10,790 or $11,460.
  • Put the stop loss $50 above the local swing high.
  • Move the stop loss to break even once the trade is $50 in profit by price.
  • Take off 50% of the position as profit when the trade is $50 in profit by price and leave the remainder of the position to run.

The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.

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BTC/USD Analysis

I wrote yesterday that the most likely scenario was a stronger price rise.

It thought that it looked as if the resistance level at $10,414 was weak and would probably be invalidated very soon.

I thought it wise to either buy at a bounce from support or wait for two consecutive hourly closes above $10,790 before entering any long trade.

This was a good call in terms of forecasting what would happen, but some money could have been made following the rise to $10,790 as we did not get a retracement to an identified support level.

The price is currently being held by the resistance at $10,790 and this is clearly going to be today’s pivotal point.

I am prepared to take a bullish bias if we get two consecutive hourly closes above $10,790 as the price has room to rise all the way to $11,460 after that hurdle. This scenario is looking more likely now we see risk sentiment returning more strongly to the market.

BTC/USD

There is nothing of high importance due today concerning the USD.

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