SIGNAL FOREX

BTC/USD Forex Signal: Bullish Trend Line Holding – DailyForex.com


$14,058 looks pivotal today.

Yesterday’s signals were not triggered, as there was no bearish price action when the resistance level at $13,682 was first reached.

Today’s BTC/USD Signals

Risk 0.50% per trade.

Trades must be taken before 5pm Tokyo time Thursday.

Long Trade Idea

  • Go long after a bullish price action reversal on the H1 time frame following the next touch of the bullish trend line shown in the below price chart which is currently sitting at about $13,377.

  • 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.

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

  • 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 the technical picture had become more bullish, due to the ascending trend line connecting the recent lows. I saw a break above $13,682 would be a mildly bullish sign and this was not a bad call as we did get this bullish break, and the price has been mostly higher over the past day.

The ascending trend line continues to hold and in fact has not even been touched. The former resistance at $13,682 has been invalidated.

The outlook looks somewhat bullish still despite the U.S. presidential election uncertainty, and again, a bullish break above $14,058 would be a further bullish sign.

I will again take a long trade entry from a bullish bounce at the trend line shown in the price chart below.BTC/USD

Regarding the USD, counting and result releases are underway in the U.S. presidential election, and there will be a release of the ADP Non-Farm Employment Change at 1:15pm London time followed by ISM Services PMI data at 3pm.

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