My previous BTC/USD signal from last Wednesday was not triggered as there was no bullish bounce when the $67,475 support level was first reached.
Today’s BTC/USD Signals
- Risk 0.75% per trade.
- Transactions can only be entered by 5pm Tokyo time on Tuesday.
Long Trade Ideas
- Then, enter a long position if the bullish price movement reverses on the H1 timeframe after reaching $68,243 or $67,088.
- Place your stop loss $100 below the local swing low.
- Once your profit from the trade price reaches $100, move your stop loss to the breakeven point.
- When your profit from the trade price reaches $100, you take 50% of your position as profit and leave the rest of your position as is.
Short Trade Ideas
- Then, take a short position if the bearish price movement reverses on the H1 timeframe after reaching $69,526 or $70,625.
- Place your stop loss $100 above the local swing high.
- Once your profit from the trade price reaches $100, move your stop loss to the breakeven point.
- When your profit from the trade price reaches $100, you take 50% of your position as profit and leave the rest of your position as is.
The best way to identify a typical “price movement reversal” is by the closing of an hourly candle such as a pinbar, doji, outside, or simply an engrifying candle with a higher close. By observing the price movement that occurs at certain levels, you can take advantage of these levels or zones.
BTC/USD Analysis
In my BTC/USD analysis last Wednesday, I wrote that the price was in a symmetric bullish price channel in the medium term, which was a bullish sign. I was expecting the price to establish above $70,625. This was not a particularly good prediction, but it was enough to keep anyone out of trouble, as the price never reached $70,625.
Current technical indications are a medium-term bullish wedge pattern with the price based around a gradual ascending trend line which is very much coincident with the horizontal support level at $68,088, while the price has been cutting below for almost three weeks.
Bitcoin is stuck in this wedge pattern and I think there are two scenarios to watch out for.
- If the price establishes itself above $69,526, it will be a weak bullish sign, if the price rises above $70,625, it will be a very bullish sign.
- The price is now below the ascending trend line at around $66,700, which will be a bearish sign.
Such breakouts and breakdowns can be traded using two consecutive hourly closes.
There is nothing particularly significant about Bitcoin or the US Dollar today.
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