(MENAFN- Daily Forex) My previous BTC/USD signal on 6th February was not triggered, as the highs and lows were beyond both the nearest support and resistance levels's BTC/USD Signals

Risk 0.50% per trade.

Trades must 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 $94,510, $93,010, or $91,250.

• 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 $96,638, $97,632, or $98,739.

• 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.

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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 6th February that Bitcoin was underperforming Gold and was no longer getting any bump from the new, active, and pro-crypto Trump administration. These were signs of inherent weakness in Bitcoin.

I think this was a good call as the price has just made a slow, declining bearish consolidation below $100,000 while slowly sinking.

Looking at the price chart below we can see that the price is testing the $95,000 area more and more, looking heavy, and it seems as if the lows in this area are probably going to be a pivotal point.

The price action is heavy and suggests that we are going to see a breakdown below the $95,000 area. This could send the price to the next support level just above $93,000 or even lower.

So, I think the best approach to trading Bitcoin today will be to take a short trade entry if we get two consecutive hourly closes below the support level at $94,510 if the reward to risk ratio looks good, and provided there are no strong lower wicks on either of those hourly candlesticks.

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

EURUSD Chart by TradingView

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