SIGNAL FOREX

BTC/USD Forex Signal: Bullish Above $12,500 – DailyForex.com


I will take a bullish bias today here if we get two consecutive hourly closes later above $12,500.

BTC/USD: Breakout to new 1-year high prices

Yesterday’s signals were not triggered, as none of the key levels given were reached over the past day.

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 $12,199, $11,978, $11,659 or $11,400.
  • Put the stop loss $50 below the local swing low.
  • Adjust 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 ride.

Short Trade Ideas

  • Go short immediately at the next touch of $13,218.
  • Put the stop loss $50 above the local swing high.
  • Adjust 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 ride.

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 Bitcoin is enjoying a strong long-term bullish trend, but that bulls should be wary of the fact that the high prices one year ago peaked just above $12,000 meaning that although this is not technically a resistance level, the price may well struggle to get much higher than $12,000.

The bulls have won this battle, as the price advanced quite strongly yesterday to break above the former 1-year high price at about $12,000.

This is a bullish sign, but bulls should note that the price peaked at about $12,500 which is a major psychological level before pulling back, so this area around $12,500 may become resistant and prevent a fast move up to the first full resistance level at $13,218.

Despite that, the outlook is basically bullish and will be more bullish the longer the support levels beginning at $12,199 hold up.

I will take a bullish bias today here if we get two consecutive hourly closes later above $12,500.

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

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