BTC/USD Forex Signal 22/09: Spike Down (Chart)

(MENAFN- Daily Forex) My previous BTC/USD signal on 15^th September was not triggered, as the price did not make a bullish bounce at the support level which it reached.

Today's BTC/USD Signals

Risk 0.50% per trade.

Trades must be entered before 5pm Tokyo time Tuesday.

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

• Long entry after a bullish price action reversal on the H1 timeframe following the next touch of $113,220, $111,332, or $110,762.
• 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 $114,814 or $116,195.
• 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.

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

In my recent BTC/USD forecast last Monday, I thought that the picture had become more bullish

with the support level at $114,771 looking very pivotal.

I was wrong about this – the level was not pivotal, and the price broke below it before rebounding.

The technical picture is looking more bearish. A short while before the time of writing, the price made an unusually strong spike down to the round number at $112,000 before rebounding with almost equal strength.

The question before traders today is whether the price picked up enough buying down there to gain enough bullish momentum to rise from the support level at $113,220 which could remain intact.

As London comes online, we will likely either see the price hold up above this level or print more bearish price action below it. Traders should be able to take their cue from that to decide whether to look for long or short trades.

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