BTC/USD Forex Signal: Minor Recovery From 2-Year Lows| MENAFN.COM

Thursday, 01 December 2022 03:35 GMT

BTC/USD Forex Signal: Minor Recovery From 2-Year Lows


(MENAFN- Daily Forex) Advertisement test out this trade suggestion with a top-rated btc/usd broker get started Previous BTC/USD Signal

my previous bitcoin signal on 15th november was not triggered as the price did not reach any of the support or resistance levels which I had identified that day.Today's BTC/USD Signals

Risk 0.50% per trade.

Trades must be taken before 5pm Tokyo time Thursday.Long Trade Ideas

  • Long entry after a bullish price action reversal on the H1 timeframe following the next touch of $16,201 or $13,764.
  • 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.
  • Adjust 50% of the position as profit when the trade is $100 in profit by price and leave the remainder of the position to run.
Short Trade Ideas
  • Go short after a bearish price action reversal on the H1 timeframe following the next touch of $17,120, $18,107, $19,954 or $20,532.
  • Place 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.
  • Take off 50% of the position as profit when the trade is $100 in profit by price and leave the remainder of the position to run.

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 analysis on 15th November that the price of btc/usd looked likely to present the best opportunities over the medium-term on the short side, but over the short-term it seemed very hard to predict the price movement.

This was a good call as the price chopped around over that day, but then fell further over the next days, to eventually break down to another new 2-year low, before recovering.

This week, we have seen the price recover after trading as low as $15,500 with the current bullish move looking quite impulsive and therefore likely to hold up for a while . This bullish move has also printed two very clear support levels, with the level at $15,945 looking especially strong . Nevertheless, bulls really need to push the price above the nearest resistance level at $16,727 to get real control over the medium-term.

Despite the recent bullishness, you must be brave or prepared to take a long shot as an investment to be buying Bitcoin now, with the strong long-term bearish trend and the FTX debacle generally depressing the crypto sector. I see Bitcoin as likely to reach key support at about $14k before it has a good chance to bottom out and begin to rise meaningfully again.

Today I am prepared to take a short trade if we get a firm bearish reversal from the resistance level at $16,727.

Concerning the US Dollar, there will be a release of Flash Services data at 2:45pm London time followed by the FOMC Meeting Minutes at 7pm.

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