BTC/USD Forex Signal: Powerful Rise To New 18-Month High

(MENAFN- Daily Forex) Forex Brokers We Recommend in Your Region See full brokers list 1 Read full review Get Started

My previous BTC/USD signal on 30th November produced a small win from the bullish bounce at the support level of $37,666's BTC/USD Signals

Risk 0.75% per trade.

Trades must be entered before 5pm Tokyo time Tuesday Trade Ideas

• Long entry after a bullish price action reversal on the H1 timeframe following the next touch of $40,907 or $39,849.
• 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

• Short entry after a bearish price action reversal on the H1 timeframe following the next touch of $41,706 or $44,160.
• 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 last Thursday that I would look for long trades in Bitcoin, with the market environment currently supporting such risk-on trades.

One approach could be going long after a daily close above $38,000 or the next resistance level at $38,659.

This was a great call, as the price has continued to advance firmly to higher and higher 18-month highs and is now well established above $40,000.

When the price of anything is breaking strongly on healthy volatility with firmly bullish daily candles to new long-term highs, it is worth taking notice and trying to come along for the ride with a long trade. The bullish environment gets a tailwind from the strong risk-on environment, with Gold notably reaching a new all-time high today as well.

Technically, we have just seen the price touch and retreat from the nearest resistance level, which is shown within the price chart below at $41,107. It is too early to reach much into that, but we may be due a bearish pullback now.

I see the price as likely to make higher prices over this week, so it would make sense to look for new long trades either on significant bullish breakouts, or on retracements to support levels and bullish bounces at these places, such as $40,907.

There is nothing of high importance scheduled today regarding the US Dollar.

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

MENAFN05122023000131011023ID1107538967