BTC/USD Forex Signal: Bulls in Charge

  


Lopsided consolidating triangle pattern holding.

Yesterday’s signals produced a long trade from the bullish bounce at $15,144 which is currently in some floating profit at the time of writing.

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 $15,144, $14,946, $14,571, or $14,258.

  • 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

  • Go short after a bearish price action reversal on the H1 time frame following the next touch of $17,901.

  • 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 due to all technical factors remaining bullish, we were likely to see more upside. I preferred to wait for the breakout, so I was ready to enter a long trade if we had gotten two consecutive hourly closes above $16,000 later.

This was a good and accurate call, as although the price has not broken above $16,000 it is higher than it was this time yesterday.

Despite the slow, steady bullish advance, the price is also still within the technical triangle trendlines which I drew yesterday.

Risk appetite is persisting, the short-term action is bullish, and the price is very close to new multi-month highs. These are all bullish factors and I think it will remain wise to wait for the breakout above the technical triangle and also the round number at $16,000 which may act as resistance as a psychological level.

I will take a long trade if we get two consecutive hourly closes later above $16,000.BTC/USD

There is nothing of high importance due today regarding the USD.





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