(MENAFN – Daily Forex) Last Wednesday’s BTC/USD signal was not triggered as there was no bullish bounce upon the initial reach of the $67,475 support level. BTC/USD Signal
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 action reversal” is by the closing of a 1-hour candlestick such as a pinbar, doji, outside, or simply an engulfing candle. These levels or zones are:
Price Action
Occurs at a certain level. Top Forex Brokers
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BTC/USD AnalysisIn my BTC/USD analysis last Wednesday, I wrote that the price is in a symmetric bullish price channel in the medium term, which is 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. The current technical picture is a bullish wedge pattern in the medium term, with the price based on a gradual ascending trend line that is very much in line with the horizontal support level at $68,088. Meanwhile, the price has been making lower highs for almost three weeks. I believe Bitcoin is stuck within this wedge pattern, and 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 has fallen below the ascending trend line to around $66,700, which is a bearish sign. Such breakouts and breakdowns can be traded using the two consecutive hourly closing prices. There is nothing particularly significant happening today for Bitcoin or the US Dollar. Are you ready to trade free Forex signals with Bitcoin? Here is a list of the best MT4 crypto brokers worth checking out.
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