SIGNAL FOREX

BTC/USD Forex Signal: Bullish Above $11,529 – DailyForex.com


BTC/USD: Medium-term bullish trend

Yesterday’s signals were not triggered, as there was insufficiently bullish price action when the support level identified at $11,448 was first reached.

Today’s BTC/USD Signals

Risk 0.50% per trade.

Trades may only be entered prior to 5 pm Tokyo time Thursday.

Long Trade Ideas

  • Go long after a bullish price action reversal on the H1 time frame following the next touch of $11,185 or $11,023.
  • Place 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 $11,529, $11,804, $11,959, or $12,105.
  • Place 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 as long as the new higher stairstep support printed at $11,448 held, the outlook technically remained bullish.

This was a pretty accurate call on the day’s pivotal point.

The U.S. Dollar gained yesterday at the expense of many risky assets, but it is notable that the price of Bitcoin here (like major stock market indices) has only declined by a little, and the overall technical picture still looks quite bullish.

The pivotal point now looks to be the new lower resistance level which has printed at $11,529. If the price can get established above that level, it should be likely to rise even further.

I will continue to seek long trades here and will take a bullish bias if we get two consecutive hourly closes later above $11,529.

BTC/USD

Concerning the USD, there will be a release of PPI data at 1:30 pm London time.

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