BTC/USD Signal Today 06/02: Consolidating Below 100K (Chart)

(MENAFN- Daily Forex) My previous BTC/USD signal last Monday was not triggered, as there was no bullish price action at the support's BTC/USD Signals

Risk 0.50% per trade.

Trades may only 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 $96,165, $94,510, $93,010.

• 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 $98,739, $100,306, or $100,806.

• 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.

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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/USD Analysis

I wrote in my previous BTC/USD forecast on 3rd February that we were seeing a strong rebound after a very sharp fall, but I thought that bulls would struggle to push the price above $95,560, so I was looking for a short trade there or even from the next resistance level at $99,298.

This was not a good call, as after a brief pause, the price continued to rise as high as the $102,000 area, before descending again.

Bitcoin is missing out on the party right now – its old school rival Gold has been breaking strongly to new highs, but Bitcoin has not. By contrast, Bitcoin is languishing below $100,000 and does not look in a hurry to go anywhere.

This is notable considering that it made a new all-time high last month, and the new Trump administration is firmly in office although it has done little to push its pro-crypto agenda.

If you are going to trade Bitcoin today, just looking for reversals from any key support or resistance levels I've identified above will probably be the best opportunity, but there will likely be better opportunities in Forex, commodities, or stock market indices today.

There is nothing of high importance due today regarding Bitcoin. Concerning the US Dollar, there will be a release of Unemployment Claims data at 1:30pm London time.

EURUSD Chart by TradingView

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