BTC/USD Forex Signal Today 17/03: Key Resistance (Chart)

(MENAFN- Daily Forex) My previous BTC/USD signal last Monday was not triggered, as there was no bullish price action when the price first reached the support level at $80,312.

Today's BTC/USD Signals

• Risk 0.50% per trade.
• Trades must be taken prior to 5pm Tokyo time Tuesday.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Long Trade Ideas

• Go long after a bullish price action reversal on the H1 timeframe following the next touch of $81,386, $79,525, or $73,620.
• 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 $84,807, $86,874, or $88,958.
• 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.

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 10th March that the price would probably make another attempt to break below the support level at $80,374 which was likely to be the day's pivotal point.

I also thought that two consecutive hourly closes below $80,000 later would be a good new short trade entry signal if the candlesticks do not have strong lower wicks.

This was a good, accurate, and profitable call, giving a trade entry later in the day that ran to almost $2,000 of the price in profit.

The technical picture has become more bullish over the past week, as the price made a new 4-month low that day well below $80,000 but then recovered and has been very slowly rising – though mostly consolidating – ever since.

It can be argued that this consolidation is a bullish consolidation.

The standout technical feature, I think, is the resistance level at $84,807 which has been very strong, as you can see in my price chart below.

Bulls will need to overcome this resistance level if they want to get bullish momentum established here, so I see this level as a pivotal point.

Today I would take a long trade either from a bullish bounce at $81,386 or following two consecutive higher hourly closes above $84,807.

There is nothing of high importance due today regarding Bitcoin. Concerning the US Dollar, there will be a release of Retail Sales data at 12:30pm London time.

EURUSD Chart by TradingView

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