Home Forex Signals BTC/USD Forex Signal: Stabilizing at $7700 – DailyForex.com

BTC/USD Forex Signal: Stabilizing at $7700 – DailyForex.com

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BTC/USD: Panic hitting Bitcoin

Yesterday’s signals produced a long trade entry from another bullish bounce at $7,698 which is currently in a little profit, but it would probable be smart to exit this trade right away as the small bullish recovery looks vulnerable.

Today’s BTC/USD Signals

Risk 0.50% per trade.

Trades must be entered prior to 5pm Tokyo time Wednesday.

Long Trade Ideas

  • Go long after a bullish price action reversal on the H1 time frame following the next touch of $7,698, $7,477, or $7,228, or $7,043.

  • 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.

  • Remove 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 Ideas

  • Go short after a bearish price action reversal on the H1 time frame following the next touch of $8,000, $8,216, or $8,375.

  • 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.

  • Remove 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 the price may stabilize for a while, but it was hard to see risk sentiment improving significantly any time soon, so I took a bearish bias here as long as the price remained below $8,000.

This was a fairly good call even though the price has increased a little over the past 24 hours. However, it has remained below $8,000.

Although the price has continued to stabilize by getting support at $7,700 recoveries in other risky assets such as stocks has been stronger technically, so bulls look to be on shaky ground.

I will take a bearish bias if the price retraces to the $8,000 and prints a bearish rejection.BTCUSDThere is nothing of high importance due today concerning the USD.

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