SIGNAL FOREX

BTC/USD Forex Signal: Bullish New Highs – DailyForex.com


BTC/USD: Long-term bullish trend advancing

Yesterday’s signals produced a profitable long trade from the bullish breakout, from which it may well be wise to exit now as the price is making a bearish retracement.

Today’s BTC/USD Signals

Risk 0.50% per trade.

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

Long Trade Ideas

  • Go long after a bullish price action reversal on the H1 time frame following the next touch of $13,368 or $12,288.
  • 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 Idea

  • Short entry after a bearish price action reversal on the H1 time frame following the next touch of $14,058.
  • 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.
  • 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.

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BTC/USD Analysis

I wrote yesterday that I thought it made sense to look for a long trade, which might be found after a deep retracement to $12,288 or alternatively after a breakout to a new high above $13,368. I was happy to enter a long trade if we had gotten two consecutive hourly closes above $13,368 which we did – this was a good call as it produced about $300 of profit.

Bitcoin is interesting right now as the price is breaking to new long-term highs, giving bulls a statistical edge.

I remain bullish on Bitcoin and I see a long trade from a bullish bounce at the new higher support level at $13,153 as a great potential new long trade opportunity.

It is notable, and a very bullish sign for Bitcoin, that it is rising in value when most other risky assets are falling.BTCUSDThere is nothing of high importance due today regarding the USD.

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