(MENAFN- Daily Forex) Bitcoin has performed very strongly over the past few days, briefly trading at a new record high and looking likely to make another important bullish breakout.

My previous BTC/USD signal on 29th September gave an excellent, profitable short trade from the bearish rejection of $114,814's BTC/USD Signals

Risk 0.50% per trade.

Trades may only be taken prior to 5pm Tokyo time Tuesday.

Long Trade Ideas

• Go long after a bullish price action reversal on the H1 timeframe following the next touch of $123,567, $122,530, or $121,106.
• 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 Idea

• Go short after a bullish price action reversal on the H1 timeframe following the next touch of $125,000.
• 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.

BTC/USD Analysis

In my last BTC/USD forecast exactly one week ago, I thought that the technical picture was looking more bullish, as we saw risky assets rising across the board, which tends to include Bitcoin, although Bitcoin was lagging. I was looking to take a long trade above $113,220 where the price had some room to rise. This could have been done for some profit if the exit was right.

I also highlighted the possibility of a short trade from $114,814 which set up nicely at the end of the day's New York session.

The technical picture has now become much more bullish, with the price briefly trading at a new record high yesterday above the big round number at $125,000 before falling back a bit. However, recent hours have shown the price printing a series of new higher support levels, with the price now basing off the highest at $123,567. I see this as very likely to be today's pivotal point – if the price keeps trading above this line, it will be very likely to breakout to a new record high soon.

I think a long trade from a bounce here could be worth a gamble, and I will be going long myself later today if New York opens above $123,567.

Some contrarian traders might be waiting for a failure at another test of $125,000 to open a short trade, but I personally only want to take a long trade here.

-p

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

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