(MENAFN- Daily Forex) Bitcoin: Wide bearish price channel persists
Last Thursday's signalswere not triggered, as none of the key levels were reached that day.
Today's BTC/USD Signals
Risk 0.75% per trade.
Trades may only be entered before 5pm Tokyo time Tuesday.
Long Trade Ideas
⦁ Long entry after a bullish price action reversal on the H1 time frame following the next touch of $8,102 or $7,754.
⦁ Put the stop loss 1 pip below the local swing low.
⦁ Adjust the stop loss to break even once the trade is $50 in profit by price.
⦁ Take off 50% of the position as profit when the trade is $50 in profit by price and leave the remainder of the position to ride.
Short Trade Ideas
⦁ Short entry after a bearish price action reversal on the H1 time frame following the next touch of $8,703 or $8,893.
⦁ Put the stop loss 1 pip above the local swing high.
⦁ Adjust the stop loss to break even once the trade is $50 in profit by price.
⦁ Take off 50% of the position as profit when the trade is $50 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.
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BTC/USD Analysis
I wrote last Thursday that the price was well within a symmetrical bearish price channel, with key resistance levels broadly holding. I saw the USD as strong, and markets having risk-off sentiment, with both of these factors likely to push down on the price.
I took a bearish bias on Bitcoin below $8,893 which turned out to be a good call as the price has fallen further from there.
My analysis outlined above still holds for today, with the only change to the technical picture being a slightly bearish one: the invalidation of the former support level near $8,400 which has clearly broken down. The price now has room to fall all the way down to $8,102 before hitting any major support.
I take a bearish bias today as long as the price is making new low prices below $8,630.
There is nothing of high importance due today concerning the USD.
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