BTC/USD Signal 08/12: Consolidating, Bullish Bias (Chart)

(MENAFN- Daily Forex) My previous BTC/USD signal on 24th November gave a nicely profitable long trade from the bullish pin bar / doji candlestick which rejected the key support level at $85,369.

Today's BTC/USD Signals

Risk 0.50% per trade.

Trades must be entered before 5pm Tokyo time Tuesday Trade Ideas

• Go long after a bullish price action reversal on the H1 timeframe following the next touch of $89,507, $87,884, or $85,369.
• 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 $91,924, $93,962, or $97,058.
• 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.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money BTC/USD Analysis

In my last BTC/USD forecast exactly two weeks ago, I thought that we were starting to see a minor recovery that could get more serious. I was correct about this, but it has been a little subdued. I was really waiting for a breakout above the resistance level at $88,487 and this did happen and signal a more prolonged advance, although it took several hours to get going.

The picture now looks more bullish, as:

• We have a first major higher low at $89,507.
• The price is very close to testing for a second time the key resistance level at $91,924 which looks likely to be today's pivotal point.

EURUSD Chart by TradingView

Today I will look for a long trade if we get two consecutive higher hourly closes above $91,924 with neither hour having a strong upper wick.

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

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