BTC/USD Forex Signal Today 09/06: Wide Consolidation (Chart)

(MENAFN- Daily Forex) My previous BTC/USD signal on 4th June gave a slightly profitable long trade from the bullish pin bar rejecting the support level which I had identified at $104,694.

Today's BTC/USD Signals

Risk 0.50% per trade.

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

• Long entry after a bullish price action reversal on the H1 timeframe following the next touch of $104,165, $103,379, or $103,091.
• 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 entry into the zone between of $106,851, $108,825, or $109.298.
• 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 4th June that the support level $101,581 looked pivotal. This was a good call as the very next day saw a break below that level which then saw a very fast turn around within only an hour or so, followed by a strong rise. This was likely a shakeout of long-term long positions, as this area represented more than three times the long-term daily average true range of Bitcoin, which is a common stop loss used by hedge funds and other long-term trend traders.

The price has come back up and is well established above $104,165 and is now consolidating within the wide area between $104,165 and the resistance level at $106,851.

I think bulls have a minor edge, so the best trade setup we might see today would be a long trade entry from a bullish bounce off $104,165.

A short trade from a reversal at $106,851 could also be possible. If the price get established above this level today, take it as a bullish sign.

Personally, I would not want to enter a long trade in Bitcoin until the price makes a new record high above $112,000 where it was trading just a couple of weeks ago.

EURUSD Chart by TradingView

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

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