BTC/USD Forex Signal Today 27/03: Consolidating (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 $86,874.

Today's BTC/USD Signals

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

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 $87,311, $86,792, or $86,215.
• 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 $88,958 or $95,038.
• 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.

EURUSD Chart by TradingViewBTC/USD Analysis

I wrote in my previous BTC/USD forecast on 24th March that the price action was looking more bullish. I thought that a long trade entry following two consecutive higher hourly closes above $87,500 could be a good long trade but watch out for the resistance level at $88,958.

I was correct about the price rising higher than $87,500 but my suggestion to wait for two consecutive higher hourly closes should have been enough to keep out of trouble (assuming you avoided the pin bar), but even if you did enter, there was some potential profit on the long side over the day - it just depends when you exited.

It is notable that the price is continuing to consolidate and begin to form a wedge chart pattern below the key resistance level at $88,958. This level has held so firmly and obviously that it is starting to look important and pivotal. A bullish breakout beyond this resistance level could trigger a sustained upwards price movement, because there are no more resistance levels above it until the $95,000 area.

There is a bullish sign: the recent price action has printed two higher stairstep support levels, suggesting the price will soon go on to make another attempt to break out beyond $88,958.

However, Bitcoin's price seems very affected by general risk sentiment now. This sentiment was recovering but has taken a knock in recent hours as President Trump announced new tariffs on automobiles yesterday, and he will be announcing the details of further new tariffs on Wednesday next week – so this resistance level might hold until then.

I suggest the best approach here will be to take a short trade if there is a strong rejection of $88,958, or a long trade if we get two consecutive higher hourly candlesticks closing above that level, without any strong upper wick on the second candlestick.

You should start to think about exiting such a short trade at about $88,250 because it is likely not to run far.

There is nothing of high importance due today regarding Bitcoin. Concerning the US Dollar, there will be releases of Final GDP and Unemployment Claims data at 12:30pm London time.

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