BTC/USD Signal 07/01: Trading Above $100K (Chart)

(MENAFN- Daily Forex) My previous BTC/USD signal on 17th December may have produced a losing long trade triggered by the bullish rejection of the support level at $105,530's BTC/USD Signals

• Risk 0.50% per trade.
• Trades must be taken before 5pm Tokyo time Wednesday.

Long Trade Ideas

• Go long after a bullish price action reversal on the H1 timeframe following the next touch of $101,655, $98,738, or $98,171.
• 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 bullish price action reversal on the H1 timeframe following the next touch of $102,581, $103,380, or $105,530.
• 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.

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 Brokers1 Get Started 74% of retail CFD accounts lose money BTC/USD Analysis

I wrote in my previous BTC/USD forecast almost one month ago that the price was trading in blue sky and all the signs were bullish. This was true, but the price then broke down below support later that day and eventually fell as low as the $91k area, where it finally found solid support.

The price action recently made a double bottom near $91k and has been rising ever since. The fact that the price is now trading above the major and important round number at $100,000 is a bullish sign.

The price chart below shows clearly that the price is sitting on the support level of $101,655 so this is very likely to be today's pivotal point. A bearish breakdown could see a sharp fall as there is plenty of room until the next support level at $98,738. If the support level at $101,655 holds, the price will advance and may even test the all-time high above $108,000 over the next week or so.

I can understand why traders would want to go long here with a stop a bit below $101,655 but I personally prefer to wait for the price to make new record highs before going long.

There is nothing of high importance due today regarding Bitcoin. Concerning the US Dollar, there will be releases of JOLTS Job Openings and ISM Services PMI data at 3pm London time.

EURUSD Chart by TradingView

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