BTC/USD Forex Signal 30/07: Bullish Consolidation (Chart)

(MENAFN- Daily Forex) My previous BTC/USD signal on 15th July was not triggered.

Today's BTC/USD Signals

Risk 0.50% per trade.

Trades must be taken before 5pm Tokyo time Thursday Trade Ideas

• Long entry after a bullish price action reversal on the H1 timeframe following the next touch of $113,862 or $110,569.
• 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 bullish price action reversal on the H1 timeframe following the next touch of $120,055 or $122,088.
• 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 15th July that the technical outlook was looking more bearish, with a short trade from $119,486 looking especially attractive. This was a good call as the high of the day was close to this price, and the price has failed to make any significant advance ever since.

The daily price chart below shows how the price has been consolidating below its recent record high, especially a key resistance level close below that at $120,055. This is typically a sign that the price action is building for an eventual explosive bullish breakout, so as soon as we get a daily close above $120,055 – or even better, the all-time high at about $123,000 – we will probably see bullish momentum carry the price upwards. Of course, how high that might go is anybody's guess.

Another reinforcement of the bullish case is all the lower wicks we have seen below $117,000 over the past two weeks – there has not been a daily close below that level during this time.

I think that a bullish bounce at $113,862 would be an excellent trade entry signal.

Even better could be a daily (New York) close above $120,055 or even $123,000.

EURUSD Chart by TradingView

There is nothing of high importance due today regarding Bitcoin. Concerning the US Dollar, there will be a release of the ADP Non-Farm Employment Change forecast at 1:15pm London time, followed by Advance GDP data 15 minutes later. The FOMC Meeting release will be at 7pm.

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