SIGNAL FOREX

BTC/USD Forex Signal: Bullish Consolidation Above $9,476 – DailyForex.com


BTC/USD: Yet strong resistance near $10,000

Yesterday’s signals were not triggered, as neither of the key levels were reached.

Today’s BTC/USD Signals

Risk 0.50% per trade.

Trades must be taken before 5pm Tokyo time Thursday.

Long Trade Ideas

  • Go long after a bullish price action reversal on the H1 time frame following the next touch of $9,476, $9,146 or $9,041.

  • 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 after a bearish price action reversal on the H1 time frame following the next touch of $10,131 or $10,696.

  • 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 would look for a long trade at the lower support levels closer to $9,000.

I also thought that the resistance level above $10,000 was likely to be felt at $10,000 so even if the price got just as high as that then reversed, I would have taken a short trade from that reversal.

This was enough to keep out of trouble but as it turned out, the support at $9,476 is looking firmer now and the recent price action more bullish, so we have a slightly more bullish technical picture today. The short-term pattern is consolidative.

I would be very happy to take a long trade from a bullish bounce following a retracement to $9,476 if that happens before $10,000 is reached. Alternatively, if the price goes up first to trade between $10,000 and $10,131 and makes a bearish reversal, I would be happy to take a short trade from there as it is such a big level psychologically for Bitcoin.BTCUSDRegarding the USD, the Chair of the Federal Reserve will be testifying before the Senate at 3pm London time.

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