SIGNAL FOREX

BTC/USD Forex Signal: Consolidating Below $11,539 – DailyForex.com


BTC/USD: Medium-term bullish trend still valid

Yesterday’s signals were not triggered, as the bearish price action took place a little way above the resistance level identified at $11,529.

Today’s BTC/USD Signals

Risk 0.50% per trade.

Trades must be taken before 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 $11,185 or $11,023.
  • 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.
  • 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 $11,539, $11,804, $11,959, or $12,105.
  • 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 the pivotal point now looked to be the new lower resistance level which had printed at $11,529.

I wanted to continue to seek long trades here and would have taken a bullish bias if we had gotten two consecutive hourly closes later above $11,529.

This was a good call as this level was clearly pivotal to within $10 of the specified price. The price rejected the area quickly and moved a bit lower.

The technical picture now is one of consolidation below the new pivotal resistance level which I have drawn at $11,539.

I am again prepared to take a bullish bias in line with the medium-term trend following a second consecutive hourly close today above $11,539 if it sets up.

Market sentiment is somewhat risk-off today, but if that changes, Bitcoin should be able to rise.

BTC/USD

Concerning the USD, there will be a release of Unemployment Claims data at 1:30 pm London time.

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