BTC/USD Forex Signal: Bearish Short-Term Price Action -

BTC/USD Forex Signal: Bearish Short-Term Price Action

Mar 27, 2024Jeremy ParkinsonFinance0

BTC/USD exhibits bearish short-term trends; potential pivotal zones could dictate trading strategies. Focus on key support/resistance levels for entry points.My previous BTC/USD signal on 19^th March was not triggered as none of the key support or resistance levels were hit that day. Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades must be entered before 5pm Tokyo time Thursday.

Long Trade Ideas

Go long after a bullish price action reversal on the H1 timeframe following the next touch of $69,436, $68,852, or $66,480.

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

Adjust the stop loss to break even once the trade is $100 in profit by price.

Remove 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 bearish price action reversal on the H1 timeframe following the next touch of $72,212.

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 AnalysisI wrote in my previous BTC/USD analysis on Tuesday last week that the technical picture was now considerably more bearish as the price fell with no obvious support levels until about $60,000 was reached. This was a great call as it gave an immediate short trade entry that went below $61,000 that day, although it never quite reached $60,000.The price of Bitcoin has basically recovered since then, but now looks like it has topped out at about $71,000 some way below the recent all-time high near $74,000. The price is currently heading lower, and it looks as if the potentially supportive zone between $69,436 and $68,852. I think its likely this zone will be reached, and the zone should be pivotal today. That means two consecutive hourly closes below that zone could be a good short trade entry signal targeting the next support level at $66,480. On the other hand, if the zone produces a bullish bounce, especially if $68,852 is rejected, that could be an attractive long trade entry. Personally, I want to see Bitcoin make a new high about $74,000 before taking any long trades, especially in this area after the price has been rising for a few days. More By This Author:Forex Today: Fed Says 3 Rate Cuts in 2024, Stocks, Gold BoomForex Today: Markets Await FOMC MeetingForex Today: Markets Expecting First BoJ Rate Hike In 17 Years