(MENAFN- Daily Forex) My previous BTC/USD signal on 7th February was not triggered's BTC/USD Signals

• Risk 0.75% per trade.
• Trades may only be taken prior to 5pm Tokyo time Thursday.

Long Trade Ideas

• Long entry after a bullish price action reversal on the H1 timeframe following the next touch of $48,402 or $46,709.
• 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 $49,793, $50,528, or $51,912.
• 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.

Forex Brokers We Recommend in Your Region See full brokers list 1 Read full review Get Started BTC/USD Analysis

I wrote in my previous BTC/USD analysis one week ago that the technical picture was more bullish as price action was contained within a narrowing triangle pattern .

I thought we were most likely to see a bullish breakout above this triangle, which could send the price higher to reach the next resistance level at $44,508. This was a very accurate and profitable call, with the strong bullish breakout giving an excellent entry signal.

The price went on to advance over recent days to reach a new 20-month high price but has struggled over the past few days to get established above $50k which is acting as a strong natural resistance point .

I think the $50k area will remain pivotal and may give an opportunity for a speculative short, or alternatively a long trade once we get a daily close firmly above $50k.

I favour the long trade entry, but I will wait for a New York close above the resistance level at $50,528.

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 Bitcoin brokers worth reviewing.

MENAFN18022024000131011023ID1107865358