SIGNAL FOREX

BTC/USD Forex Signal: Bullish Consolidation – DailyForex.com


Pivotal area around $10,847 

Yesterday’s signals were not triggered as the bearish price action took place slightly above the resistance level identified at $10,841.

Today’s BTC/USD Signals

Risk 0.50% per trade.

Trades may only be taken between 8 am and 5 pm Tokyo time Friday.

Long Trade Ideas

  • Long entry after a bullish price action reversal on the H1 time frame following the next touch of $10,557, $10,421, or $10,351.
  • Place 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.
  • Remove 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

  • Short entry after a bearish price action reversal on the H1 time frame following the next touch of $10,847 or $11,023.
  • Place 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.
  • Remove 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.

Advertisement

BTC/USD Analysis

I wrote yesterday that the picture remained weakly bullish with the big story being long-term buying at or near the big round number at $10,000.

We had some short-term bearish momentum but a lot of support at or just above the support level identified at $10,557 where I was looking for a long trade entry.

The price has broadly continued its weakly bullish consolidation pattern, with the resistance near to the current price more or less holding.

There is definitely more potential on the bullish side, but price advances continue to be slow.

The best approach right now is still to look for long-term buys at or close to the $10,000 level.

I think it will be a significantly bullish development if the price can get established above the higher resistance level shown in the price chart below, at $11,023.

BTC/USD

Regarding the USD, there will be a release of ISM Manufacturing PMI data at 3 pm London time.

Let’s block ads! (Why?)


Scalping Strategy Course (DVD + Online) - $299.00

In the much anticipated Forex Scalping Strategy Course, Vic and Sarid show you short-term focused techniques and strategies to make quicker profits while reducing market exposure.




Forexmentor Coach's Corner First Month (Online) - $149.00

The Coach's Corner offers 2 live sessions per week, an integrated approach to trading, FREE access to the VicTrade video course and Darko's Pattern Trading Video Lessons.



Source link

Have your say