BTC/USD Signal Today 29/05: New Rising Price Channel (Chart)

(MENAFN- Daily Forex) My previous BTC/USD signal on 23rd May was not triggered, as there were no bullish bounces when the support levels were first reached's BTC/USD Signals

• Risk 0.75% per trade.
• Trades must be taken before 5pm Tokyo time Friday.

Long Trade Ideas

• Long entry after a bullish price action reversal on the H1 timeframe following the next touch of $67,475, $65,832, or $64,620.
• 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 ride.

Short Trade Ideas

• Short entry after a bearish price action reversal on the H1 timeframe following the next touch of $69,111, $70,625, or $71,600.
• 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 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 in my previous BTC/USD analysis on 23rd May that although Bitcoin was in a long-term bullish trend, there were some worrying bearish technical factors, which led me to want to wait for the price to breakout to a new all-time high price before entering any long trades.

This was a good call over the short term as the price traded lower that day.

Since then, the price has kept finding support above $67,000.

The price is in a medium-term symmetrical bullish price channel, which is a bullish sign. Another sign of opportunities coming on the long side is the confluence of support around $67,500 with the lower trend line of the rising price channel , key horizontal support, and a quarter-number all converging there. A bullish bounce here could give an excellent long trade entry.

If the price can get established above $70,625 that will be a significantly bullish sign, pointing to a good chance that the price will shortly rise to new all-time highs.

There is nothing of high importance due today regarding either Bitcoin or the US Dollar.

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