Bitcoin is building price for another record attempt.

Last Wednesday’s Bitcoin signals were not triggered, as there was no bearish price action when any of the identified resistance levels were first reached that day.

Today’s BTC / USD signal

Risk 0.50% per transaction.

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

Long-term business ideas

  • Long entry after a bullish reversal in price action in the H1 period after the next touch of $ 57,334, $ 56,198, $ 53,634 or $ 52,664.
  • To put the stop loss $ 100 below the local swing low.
  • Adjust the stop loss to reach the breakeven point once the trade is $ 100 profit per price.
  • Remove 50% of the position as profit when the trade is $ 100 profit per price and allow the rest of the position to roll.

Short Trade Ideas

  • Short entry after a bullish reversal in price action over the H1 period after the next touch of or $ 58,449, $ 59,280 or $ 61,240.
  • Put the $ 100 stop loss above the local swing.
  • Adjust the stop loss to reach the breakeven point once the trade is $ 100 profit per price.
  • Remove 50% of the position as profit when the trade is $ 100 profit per price and allow the rest of the position to roll.

The best method to identify a classic “price action reversal” is to close a candle every hour, such as a pin bar, doji, exterior, or even just a engulfing candle with a higher close. You can operate these levels or areas by looking at the Price action that occurs at given levels.

Publicity

BTC / USD Analysis

I wrote last Wednesday that it seemed like the bullish momentum was slowing down as price hit an earlier comfort zone of around $ 54k to $ 57k.

I thought the next thing to watch out for was probably whether the nearest support level (identified at $ 54,398) holds or breaks.

I was right, as the invalidation of that support level, which happened quite quickly, produced a slightly deeper bearish move the next day or two.

However, bullish momentum resumed over the weekend, starting Thursday’s session in New York.

Price now appears to be consolidating bullish with resistance at $ 58,450 looking very crucial. If the price can settle above this level, it will probably be a good sign that the bullish momentum will continue in the near term.

This could be an exciting development, as the price is not far from the all-time high, just above $ 61,000. If we get a bullish breakout beyond this area, there will be a lot of interest in Bitcoin and a lot of buying that could push the price up dramatically.

I will take a bullish bias on Bitcoin today if we get two consecutive hourly close above $ 58,450.

BTC / USD

As for the USD, there will be a release of ISM Manufacturing PMI data at 3pm London time.