(MENAFN- Daily Forex) My previous BTC/USD signal last Wednesday was not triggered, as there was no bullish bounce when the support level at $67,475 was first reached's BTC/USD Signals

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

Long Trade Ideas

• Go long after a bullish price action reversal on the H1 timeframe following the next touch of $68,243 or $67,088.
• Put the stop loss $100 below the local swing low.
• Move 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.

Short Trade Ideas

• Go short after a bearish price action reversal on the H1 timeframe following the next touch of $69,526 or $70,625.
• Put the stop loss $100 above the local swing high.
• Move 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.

Top Forex Brokers

• 1 Get Started 74% of retail CFD accounts lose money

BTC/USD Analysis

I wrote in my previous BTC/USD analysis on Wednesday last week that the price was in a medium-term symmetrical bullish price channel, which was a bullish sign. I was looking for the price to get established above $70,625. This was not an especially good call, although it was enough to keep anyone out of trouble as the price never reached $70,625.

The technical picture now is a medium-term bullish wedge pattern, with the price basing off a gently ascending trend line which is quite confluent with the horizontal support level at $68,088. On the other hand, the price has been making lower highs for almost three weeks.

I think Bitcoin is stuck within this wedge pattern and there are two scenarios to watch out for:

The price gets established above $69,526. This will be a weakly bullish sign. Once the price is above $70,625 that would be a very bullish sign.

The price breaks down below the ascending trend line at about $66,700. This will be a bearish sign.

You might trade such breakouts or breakdowns using two consecutive hourly closes.

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

Ready to trade our free Forex signals on Bitcoin? Here's our list of the best MT4 crypto brokers worth checking out.

MENAFN03062024000131011023ID1108288333