BTC/USD Forex Signal: $55,724 Looks Pivotal Today -

BTC/USD Forex Signal: $55,724 Looks Pivotal Today

Sep 11, 2024Jeremy ParkinsonFinance0

My previous BTC/USD signal on 5^th September was not triggered, as there were no bullish bounces at key support levels when they were first reached. Today’s BTC/USD Signals

Risk 0.50% per trade.

Trades must be entered before 5pm Tokyo time Friday.

Long Trade Ideas

Go long after a bullish price action reversal on the H1 timeframe following the next touch of $55,724, $54,736, or $53,835.

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 bearish price action reversal on the H1 timeframe following the next touch of $58,762, $59,401, or $60,445.

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 technical analysis today almost a week ago that Bitcoin was clearly in a bearish trend but might make a spike up from the support level at $56,880. This did not set up.The bearish trend has continued, with markets mostly in risk-off mode, which is tending to drag Bitcoin down. Although the US Dollar is also weak, that isn’t helping keep the price up much.There will be a release later today of US CPI (inflation) data which is likely to move the market in general and will probably also cause some price movement here.Bitcoin isn’t really in the market’s focus right now, while the Japanese Yen, Gold, Crude Oil, and Stock Markets are.It is hard to say what effect the US CPI data release later today might have. The most useful observation I can make is that the support level at $55,724 looks strong, so if we do get a bullish bounce there, it might be worth entering a long trade before the US CPI release and hoping that a lower-than-expected inflation number sends the price higher along with other risky assets.There is nothing of high importance due today regarding Bitcoin. Concerning the US Dollar, there will be a releases of US CPI data at 1:30pm London time.More By This Author:Weekly Forex Forecast – Sunday, Sept. 8BTC/USD Forex Signal: First Signs Of Support After SelloffGBP/USD Forex Signal: Bearish Consolidation Below $1.3154