Forex BTC / USD signal: more bearish

0

A break below $ 55,000 would be another bearish signal.

Last Monday’s BTC / USD signal produced a very profitable short trade following the bearish rejection of the key resistance level identified at $ 66,234.

Today’s BTC / USD Signals

Risk 0.50% per transaction.

Transactions can only be entered before 5:00 p.m. Tokyo time on Tuesday.

Long business ideas

  • Go long after a bullish reversal in the H1 period after the next touch of $ 56,537 or $ 54,274.

  • Place the stop loss $ 100 below the local swing low.

  • Adjust the stop loss to break even once the trade reaches $ 100 profit per price.

  • Take 50% of the position as profit when the trade is $ 100 profit per price and let the rest of the position run.

Short business idea

  • Go short after a bearish reversal in the H1 period after the next touch of $ 59,959.

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

  • Move the stop loss to break even once the trade is $ 100 profit per price.

  • Take 50% of the position as profit when the trade is $ 100 profit per price and let the rest of the position run.

The best method to identify a classic “price action reversal” is to close an hourly candle, such as a pin bar, doji, outside candle, or even just a engulfing candle with a higher close. You can mine these levels or areas by observing the price action that occurs at the given levels.

Advertising

BTC / USD Analysis

I wrote last Monday that management seems uncertain. I was ready to take a long trade from a few setups which ultimately didn’t show up as opportunities. I also said that a short trade from a reversal at $ 66,234 was also possible, but I wouldn’t be comfortable with that as I think any fall from there will likely find support quickly. . This was not a good call as this bearish reversal has set in and would have provided a great short trading opportunity.

It is now clear that Bitcoin has a more bearish technical picture than a week ago as we saw the sell continue and the price settle below the round number at $ 60,000. In fact, the closest key resistance level is confluence with that number after forming just a fraction below, and a short trade from a bearish reversal looks attractive in the context of a developing downtrend.

The price is currently near the support level at $ 56,537 which may provide at least one short term bullish trade, but any long trade done here should be handled with caution as it is highly likely that it is ‘a counter-trend transaction.

If the price falls below this support level and the round number at $ 55,000, it would be a bearish sign suggesting that a fall to at least the $ 50,000 area is likely to occur.

BTC / USD

There is nothing very significant planned for today regarding the USD.

Share.

About Author

Comments are closed.