BTC/USD Signal Today 20/01: New Record High (Chart)
Date
1/20/2025 2:24:43 PM
(MENAFN- Daily Forex) My previous BTC/USD signal on 13th January was not triggered, as there was no bullish price action at any of the support levels which were reached that day's BTC/USD Signals
Risk 0.50% per trade. Trades must be taken prior to 5pm Tokyo time Tuesday only.
Long Trade Ideas
Go long after a bullish price action reversal on the H1 timeframe following the next touch of $102,581, $99,768, $97,335. 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.
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I wrote in my previous BTC/USD forecast almost one week ago that the technical picture had more bearish, with the price printing a series of lower highs and heading towards an area of very key support above $91,000.
I was right to see this as a very pivotal area, because the price rebounded quickly to back above this area after pushing below it to pick up demand and has been rising firmly ever since.
In the past few hours, we have seen the price make a bullish breakout beyond the record high price which Bitcoin made in December 2024.
The price is now trading in blue sky. If we get a New York close today above $106,187 I will enter a new long trade. If the closing price is above $108,364 that will be even more bullish.
The short-term price action right now is also very bullish.
In the unlikely event of a sharp fall to the nearest support level and a bounce from it holding, that could also be a good long entry signal. Yet the breakout scenario is much more likely.
There is nothing of high importance due today regarding either Bitcoin or the US Dollar.
EURUSD Chart by TradingView
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