Bitcoin is now trading above $ 50,000.

Last Monday’s BTC / USD signal produced a well-profitable long trade from the bullish rebound from the support level identified at $ 46,867.

Today’s BTC / USD Signals

Risk 0.50% per transaction.

Transactions can only be entered before 5:00 p.m. Tokyo time on Thursday.

Long business ideas

  • Go long after a bullish reversal in the H1 period after the next touch of $ 49,710, $ 46,867 or $ 46,381.

  • Place the $ 100 stop loss below the local swing low.

  • Move the stop loss to break even once the trade is $ 100 profit per price.

  • Take out 50% of the position as profit when the trade is $ 100 profit per price and let the rest of the position run.

Short business idea

  • Go short after a bearish reversal in the H1 period after the next touch of $ 54,864.

  • Place the $ 100 stop loss above the local swing high.

  • Move the stop loss to break even once the trade is $ 100 profit per price.

  • Take out 50% of the position as profit when the trade is $ 100 profit per price and let the rest of the position run.

The best method to identify a classic “price action reversal” is to close an hourly candle, such as a pin bar, doji, outside candle, or even just a engulfing candle with a higher close. You can mine these levels or areas by observing the price action that occurs at the given levels.

Advertising

BTC / USD Analysis

I wrote last Monday that the technical chart has turned much more bullish, although the $ 50,000 may still be a barrier to further immediate price hikes. I saw the best opportunity that might present itself that day as a long trade from a bullish rebound to $ 46,381 or $ 45,261. It was a good call as we got a definite rebound from the higher of those two price points.

The picture is even more bullish now as the price has continued to rise and is trading above the large round number at $ 50,000. There is now no obvious resistance level holding back the price for further advance to $ 54,864.

As always, there has been a lot of hype surrounding Bitcoin’s price hike this week, but it’s nothing spectacular compared to Bitcoin’s usual standard. The price is close to only a month high showing bullish momentum, but not a major long term development. However, it is important that Bitcoin can trade fairly bullish as the stock markets fall, as both are generally risky investments, so this is a bullish sign for Bitcoin.

While the short-term dynamic looks healthy, I am ready to take a long position today from a bullish rebound which may result from a bearish retracement to the nearest support level at $ 49,710.

BTC / USD

Regarding the USD, there will be a release of the ADP Non-Farm Employment Outlook at 1:15 p.m. London time, followed by crude oil inventories at 3:30 p.m.


Source link

About The Author

Al Worden

Related Posts

Leave a Reply

Your email address will not be published.