(MENAFN- Daily Forex) My previous BTC/USD signal on 13th October was not triggered, although the bearish double top which formed later that day was extremely close to the resistance level which I had identified at $116,016.

Today's BTC/USD Signals

Risk 0.50% per trade.

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

• Long entry after a bullish price action reversal on the H1 timeframe following the next touch of $109,730, $107,923, or $107,461.
• 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

• Short entry after a bullish price action reversal on the H1 timeframe following the next touch of $111,899, $113,634, or $116,016.
• 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

In my last BTC/USD forecast exactly one week ago, I thought that the closest key resistance level at $116,016 looked quite firm, but that there could be a bullish breakout beyond that level. I was wrong about the breakout, as the level held and if you had been prepared to be a little early, gave a good opportunity for a short trade entry when it made a bearish double top later that same day.

Bitcoin dropped to a near 4-month low over the weekend after falling for some time. Bitcoin has been underperforming Gold and other risky assets even during the recent very strong rallies we have seen in precious metals and stock markets – that was a bearish sign.

However, we are now seeing risky assets broadly rally, and Bitcoin has joined in this rally, regaining the $111,000 handle.

Technically, the recovery looks very strong – it is a clear“V” pattern sharply rejecting the low.

Drilling down to the hourly price chart shown below, we can see very clear stairstep support levels which have formed. There was a strong consolidation below the big quarter-number at $107,500 which ended is a big bullish breakout.

The rise has continued to be strong in recent hours, but momentum may now be slowing as we approach the next resistance level, at $111,899.

I think the best approach here over the coming days will be to try to trade Bitcoin long, but I think we will need to see the price make a bearish retracement and bounce off a support level like $109,730 first, and that might not set up today.

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

EURUSD Chart by TradingView

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