BTC/USD Forex Signal: Remains Bullish

Mahmoud Abdallah

The general trend of the BTC/USD remains bullish as the performance continues above the $10,000 psychological resistance. 

BTC/USD: Waiting for a bearish correction

Today’s BTC/USD Signals

  • Risk 0.50% per trade.
  • Trades may only be entered prior to 5 pm Tokyo time Friday.

Long Trade Ideas

  • Long entry after a bullish price action reversal on the H1 time frame following the next touch of $10,800, $10,200, $9700.
  • Place the stop loss $50 below the local swing low.
  • Move the stop loss to break even once the trade is $50 in profit by price.
  • Remove 50% of the position as profit when the trade is $50 in profit by price and leave the remainder of the position to run.

Short Trade Ideas

  • Short entry at the next touch of $13,100.
  • Place the stop loss $50 above the local swing high.
  • Move the stop loss to break even once the trade is $50 in profit by price.
  • Remove 50% of the position as profit when the trade is $50 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 Analysis

Investors increased the purchase of cryptocurrencies led by Bitcoin, as they abandoned the US dollar as a safe-haven currency, while the US continues to lead the global numbers of coronavirus cases and deaths, which motivated investors to buy stronger assets with a prospect such as Bitcoin, gold, and others.

The general trend of the BTC/USD remains bullish as the performance continues above the $10,000 psychological resistance. It must be emphasized that the US dollar losses will not last long. Accordingly, gains will continue to be a selling target to take profits at any time.

BTC/USD

As for the US dollar, the ISM Manufacturing PMI and construction spending data will be announced.

Mahmoud Abdallah
Mahmoud has been working fulltime in the Foreign Exchange markets for 12 years. Offers his analysis, articles and recommendations at the most renewed Arabic websites specialized in the global financial markets, and his experience gained a lot of interest among Arab traders. Works on providing technical analysis, market news, free signals and more with follow up for at least 12 hours a day, and aims to simplify forex trading and the concept of trading for his audience.

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