My previous BTC/USD signal on 17th December may have produced a losing long trade triggered by the bullish rejection of the support level at $105,530. Today’s BTC/USD Signals
Long Trade Ideas
Short Trade Ideas
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 forecast almost one month ago that the price was trading in blue sky and all the signs were bullish. This was true, but the price then broke down below support later that day and eventually fell as low as the $91k area, where it finally found solid support.The price action recently made a double bottom near $91k and has been rising ever since. The fact that the price is now trading above the major and important round number at $100,000 is a bullish sign.The price chart below shows clearly that the price is sitting on the support level of $101,655 so this is very likely to be today’s pivotal point. A bearish breakdown could see a sharp fall as there is plenty of room until the next support level at $98,738. If the support level at $101,655 holds, the price will advance and may even test the all-time high above $108,000 over the next week or so.I can understand why traders would want to go long here with a stop a bit below $101,655 but I personally prefer to wait for the price to make new record highs before going long.There is nothing of high importance due today regarding Bitcoin. Concerning the US Dollar, there will be releases of JOLTS Job Openings and ISM Services PMI data at 3pm London time. More By This Author:Weekly Forex Forecast – Sunday, Jan. 5AUD/USD Forex Signal: Bearish Price Channel ContinuesForex Today: Japanese Yen Advances as Sour Risk Mood Closes Out 2024
