BTC/USD Forex Signal: Bullish Consolidation Continues Near H


(MENAFN- Daily Forex) Forex Brokers We Recommend in Your Region 1 brkr-logo Read full review Get Started

My previous BTC/USD signal on 23rd November was not triggered as there was no bullish price action at the first touch of the identified support level at $37,271's BTC/USD Signals

Risk 0.75% per trade.

Trades must be entered before 5pm Tokyo time Wednesday Trade Idea
  • Long entry after a bullish price action reversal on the H1 timeframe following the next touch of $35,661.
  • 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 run.
Short Trade Ideas
  • Go short after a bearish price action reversal on the H1 timeframe following the next touch of $37,269, $37,708, or $38,659.
  • 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.
  • Remove 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/USD Analysis

I wrote in my previous BTC/USD analysis that the price was consolidating just below a long term high on increasing volatility , suggesting a bearish reversal. Overall, I saw the $38k area as likely to be pivotal.

Since then, the price briefly made a new high, but has continued its wide, bullish consolidation.

I see the technical picture as essentially unchanged – a strong rejection of any of the nearby resistance levels could be a good opportunity to enter a short trade which would have a chance of catching a major bearish reversal. On the other hand, a daily close above $38,000 could be a powerful long trade entry signal for trend traders.

I also see the support level at $35,661 as likely to give a strong bounce if reached today, so that could be interesting for shorter-term traders, or swing traders using pullback trading strategies .

Regarding the US Dollar, there will be a release of CB Consumer Confidence data at 3pm London time.

Ready to trade our daily Bitcoin signals ? Here's our list of the best cryptocurrency brokers worth reviewing.

MENAFN28112023000131011023ID1107502051


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.