My previous BTC/USD signal on 5^th December produced a profitable long trade triggered by the bullish rejection of the support level at $94,735.

Today’s BTC/USD Signals

• Risk 0.50% per trade.
• Trades may only be entered prior to 5pm Tokyo time Tuesday.

(Click on image to enlarge)

Long Trade Ideas

• Long entry after a bullish price action reversal on the H1 timeframe following the next touch of $105,530, $103,380, or $102,581.
• Place the stop loss $100 below the local swing low.
• Adjust the stop loss to break even once the trade is $100 in profit by price.
• Remove 50% of the position as profit when the trade is $100 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.
 

BTC/USD Analysis

I wrote in my previous BTC/USD forecast almost two weeks ago that the price action was looking bullish after breaking up and seeming to hold above $100,000.

This was a good call, as the price began its firm rise that day completing the successful bullish breakout above that big round number to new all-time high prices.

The price consolidated for several days, but has begun to breakout again to new highs, overcoming $105,000 and even trading above $107,000 a few hours ago.

The price has printed new higher support levels during this bullish run, with the nearest support level above $105,000 which is a bullish sign.

The price has been trading in blue sky and remains close to the record high it made during yesterday’s New York session at $107,821.

All the signs are bullish, so I will be happy to enter a new long trade if we get a bullish bounce at any of the three nearby support levels, especially $105,530.

There is nothing of high importance due today regarding Bitcoin. Concerning the US Dollar, there will be a release of Retail Sales data at 1:30pm London time.

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