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BTC/USD Signal: Bullish Consolidation Continues Below $53,000

BTC/USD bullish consolidation persists under $53,000. Set for potential long/short trades at key levels, indicating robust long-term trend.

My previous BTC/USD signal on 14th February was not triggered as there was no bearish price action when any of the key resistance levels were first reached that day.

Today’s BTC/USD Signals

  • Risk 0.75% per trade.
  • Trades must be entered before the market closes this weekend.

BTC/USD Signal Today - 22/02: Bullish Below $53K Continues (Graph)

Long Trade Ideas

  • Go long after a bullish price action reversal on the H1 timeframe following the next touch of $50,238, $49,793, or $48,402.
  • 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 ride.

Short Trade Ideas

  • Go short after a bearish price action reversal on the H1 timeframe following the next touch of $53,201, $53,853, or $55,425.
  • 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 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.

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    BTC/USD Analysis

    I wrote in my previous BTC/USD analysis just over one week ago that the technical picture was suggesting the $50k area would remain pivotal and may give an opportunity for a speculative short, or alternatively a long trade once we get a daily close firmly above the resistance level at $50,528.

    This would have produced a long trade at the end of the day, as the daily close was above that level, and such a trade would have been a little profitable.

    The technical picture has not changed since my last forecast – the wide consolidation between $53,000 and $50,600 simply continues. However, the odds do seem to be with the bulls as the price is clearly near a long-term high within a valid long-term bullish trend.

    I see a long trade from a bullish bounce between $50,600 and $50,000 as the best opportunity which might set up today. Alternatively, a long trade following a daily close today above $53,201 could also be an interesting entry.

    Regarding the US Dollar, there will be a release of Unemployment Claims data at 1:30pm London time, followed by Flash Manufacturing & Services PMI at 2:45pm.

    Ready to trade our daily Bitcoin signals? Here’s our list of the best crypto brokers worth reviewing.

    Adam Lemon
    About Adam Lemon

    Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

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