BTC/USD Signal 10/03: Threatens Major Breakdown (Chart)

(MENAFN- Daily Forex) My previous BTC/USD signal last Monday produced a profitable long trade from the bullish bounce off the support level at $91,250.

Today's BTC/USD Signals

Risk 0.50% per trade.

Trades may only be entered before 5pm Tokyo time Tuesday Trade Ideas

• Long entry after a bullish price action reversal on the H1 timeframe following the next touch of $80,312, $73,620, or $72,095.
• 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 $83,277, $84,682, or $86,874.
• 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.

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 on 3^rd March that I thought Bitcoin would probably break below the support level at $91,250, which would be a bearish sign, and indicate a further fall to the $88,000.

This was a good and accurate call.

The technical picture is now considerably more bearish, as the price has again traded lower driven by risk-off sentiment. Even President Trump's announcement of a national cryptocurrency reserve was barely enough for a temporary boost to the price.

The price is now turning bearish again and looking like it will probably make another attempt to break below the support level at $80,374 which is likely to be today's pivotal point.

This could then trigger a sharp fall all the way to $73,620 although there is also a recent historical inflection point at $78,236 which could be supportive.

It would not be surprising if the price was back to $73,620 soon as this is where the bullish move on Trump's election victory started last November. Often in speculative markets, when the price moves quickly, it can quickly travel back to its point of origin.

Two consecutive hourly closes below $80,000 later will be a good new short trade entry signal if the candlesticks do not have strong lower wicks.

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

EURUSD Chart by TradingView

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