BTC/USD Forex Signal: Looking More Bullish

Last Monday’s Bitcoin signals produced an excellent, profitable long trade from the clear bullish bounce off the support level at $49,340 at the start of that day’s London session (BITCOMP).

three gold-colored bitcoins on black surface

Today’s BTC/USD Signals

Risk 0.50% per trade.

Trades may only be entered prior to 5pm Tokyo time Thursday.

Long Trade Ideas

  • Long entry after a bullish price action reversal on the H1 time frame following the next touch of $52,664, $51,634, $49,723, or $49,340.

  • Put 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.

Short Trade Idea

  • Short entry after a bearish price action reversal on the H1 time frame following the next touch of $58,426.

  • Put the stop loss $100 above the local swing high.

  • 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 last Monday that the technical picture was still bullish but weakly so, therefore I thought that the best scenario to wait for here was going to be a bullish breakout above $51,837. I thought the best opportunity which was most likely to set up would be some long trade.

This was a good, accurate, and profitable call, as the price is now approximately 5% higher following that second consecutive hourly close which we got above $51,837 later during last Monday’s New York session.

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