Home Forex Signals BTC/USD Forex Signal: Rising Stairstep Advance – DailyForex.com

BTC/USD Forex Signal: Rising Stairstep Advance – DailyForex.com

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The technical picture has become a little more bullish with a strengthening upwards movement.

BTC/USD: Yet bulls muted below $10,000

Yesterday’s signals produced a short trade entry from the bearish rejection of the resistance level identified at $9,462 and this trade is currently in a little floating profit. It should be monitored closely as the medium-term trend is bullish.

Today’s BTC/USD Signals

Risk 0.50% per trade.

Trades must be taken prior to 5 pm Tokyo time Friday.

Long Trade Ideas

  • Go long after a bullish price action reversal on the H1 time frame following the next touch of $9,190, $9,109 or $9,011.
  • 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.
  • 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 ride.

Short Trade Ideas

  • Go short after a bearish price action reversal on the H1 time frame following the next touch of $9,547 or $9,731.
  • 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.
  • 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 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 I remained basically bullish here and I would be happy to take a long trade from a bullish bounce which may set up later from any of the support levels above $9,000.

I was correct to look to the long side, as the price advanced over the day, although none of the key support levels I identified were hit so no long trade signal was triggered.

The technical picture has become a little more bullish with a strengthening upwards movement.

However, bulls should not get too excited yet, as we are still well within a long-term consolidation pattern below the psychologically key $10,000 level.

We are currently seeing an inability for bulls to break up above the nearest resistance level at $9,462 which is holding. A deeper bearish retracement from here would not be a surprise.

It is likely there will be a lot of false bullish breakouts until the level at $10,000 is finally exceeded.

BTC/USD

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

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