BTC/USD Forex Signal: Threatening New Bullish Breakout -

BTC/USD Forex Signal: Threatening New Bullish Breakout

Nov 18, 2024Jeremy ParkinsonFinance0

My previous BTC/USD signal on 13^th November was not triggered, as none of the key levels which I had identified were reached that day.
Today’s BTC/USD Signals

Risk 0.50% per trade.

Trades may only be taken prior to 5pm Tokyo time Tuesday.

Long Trade Ideas

Go long after a bullish price action reversal on the H1 timeframe following the next touch of $81,756 or $80,741.

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 ride.

Short Trade Idea

Go short after a bearish price action reversal on the H1 timeframe following the next touch of $100,000.

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

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 ride.

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 last Wednesday that anyone long of Bitcoin should hold onto it for now. This was a good call, as the price went on to make a new record high before entering a period of bullish consolidation, which is still ongoing.The price action is looking more bullish now, as can be seen in the daily chart below. It looks as if the price is going to make a new bullish breakout beyond last week’s record high and will likely target the huge round number at $100,000. If this level is reached, we will likely see a lot of profit taking, enough to maybe send the price sharply lower.Unfortunately for bulls looking to enter a new trade, there are no obvious support levels nearby. This is often the case in runaway trends like this one.I see a very bullish outlook for both technical and fundamental reasons, the hugely strong bullish move and the Republican victories. I expect higher prices.For anyone already long, sit tight.For anyone wanting to get long, wait for a New York close above $91,070 and enter long, ideally at a time when the shorter-term price action is rising.There may be a chance for a short trade at $100,000 which is a natural target for bulls to take profit at.There is nothing of high importance due today regarding Bitcoin or the US Dollar.More By This Author:Weekly Forex Forecast – Sunday, Nov. 17Forex Today: Bitcoin Within Sight Of $100kBTC/USD Forex Signal: Natural Bearish Retracement From All-Time High