My previous BTC/USD signal on 5th 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.
More By This Author:
Forex Today: Bitcoin Breaks $105,000 For First TimeWeekly Forex Forecast - Sunday, Dec. 15
AUD/USD Forex Signal: Bullish Bounce Off $0.6345
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