Forex BTC / USD signal: bullish sequence


The support at $ 49,576 looks very crucial.

Last Monday’s BTC / USD signal was not triggered as there was no bearish price action when price first hit the resistance level I had identified at $ 48,424. .

Today’s BTC / USD Signals

Risk 0.50% per transaction.

Transactions must be entered by 5:00 p.m. Tokyo time on Tuesday only.

Long business ideas

  • Long entry after a bullish price reversal over the H1 period after the next touch of $ 50,153, $ 49,576 or $ 48,111.

  • To put the stop loss $ 100 below the local swing low.

  • Move the stop loss to break even once the trade is $ 100 profit per price.

  • Remove 50% of the position as profit when the trade is $ 100 profit per price and leave the rest of the position to go.

Short business ideas

  • Short entry after a bearish reversal in period H1 after the next touch of $ 51,912 or $ 53,201 or $ 53,853.

  • Put the $ 100 stop loss above the local swing high.

  • Move the stop loss to break even once the trade is $ 100 profit per price.

  • Remove 50% of the position as profit when the trade is $ 100 profit per price and leave the rest of the position to go.

The best method to identify a classic “price action reversal” is to close an hourly candle, such as a pin bar, doji, outside candle, or even just a engulfing candle with a higher close. You can mine these levels or areas by observing the price action that occurs at the given levels.

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BTC / USD Analysis

I wrote last Monday that the technical situation here has turned more bearish with the price dominated by a descending downtrend line suppressing the price for more than a week. I predicted lower prices as probable. However, I thought the support level at $ 46,381 was likely to produce a firm bullish rebound if reached.

I was right to be bearish as price traded lower for most of the day, well into the New York session, before rebounding near the support level at 46,381 $, then increase since. I was on the right track as I considered this level to be likely to be strong, even though my call was not workable for a long trade.

The technical chart is considerably more bullish as we have seen a succession of higher lows and higher highs in recent days. The technical feature that really stands out in the price chart below is the support level at $ 49,576. which seems very likely to be maintained if it is again reached, especially since it merges with the very large round psychological number of $ 50,000.

The problem bulls face is that while the risk sentiment is quite good in the market right now, Bitcoin appears to be running out of steam in recent days as it approaches the resistance level at $ 51,912. I don’t want to take a short position there as the dominant structure remains bullish.

I am convinced by the bullish case although I am not strongly bullish. I will take a long trade from any bullish bounce to any of the support levels at $ 50,153 or $ 49,576 in particular.

BTC / USD

There is nothing very significant planned for today regarding the USD.


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