BTC/USD Forex Signal 04/09: Trying To Break Below (Chart)

(MENAFN- Daily Forex) Today's BTC/USD Signals

Risk 0.50% per trade.

Trades may only be entered prior to 5pm Tokyo time Friday.

Long Trade Ideas

• Go long after a bullish price action reversal on the H1 timeframe following the next touch of $110,569 or $108,273 or $107,284 or $106,851.
• 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 bullish price action reversal on the H1 timeframe following the next touch of $110,569, $111,672, or $113,679.
• 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.

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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 have been mostly taking bearish biases in my recent BTC/USD forecasts but I was starting to get more bullish after a major breakdown failed.

However, the situation is now looking bearish again, as the price seems to have broken down below the important support level at $110,569.

I think it makes sense to be bearish technically, as it looks like sellers are winning at the pivotal point of $110,569 which is now likely to start working as resistance. This level has been important again and again over recent weeks.

The price has room to fall all the way to $107,284 but there is a recent bullish inflection point at about $108,750 that could also provide the low of the day, so if you are in a short trade and this level is reached, consider taking profit and/or moving your hard stop loss to break even.

Bitcoin is very overshadowed by Gold right now, which unlike Bitcoin, has been breaking strongly to new all-time highs several days in a row.

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 the Unemployment Claims 15 minutes later, then ISM Services PMI at 3pm.

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