Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

BTC/USD Forex Signal: Strong in Consolidation

Potential signal: I am an advocate of buying dips here. I would buy dips every $1,000 in small increments, with a total stop loss of $57,500 below. I would aim for at least $75,000 above. I would also make it a point to leave at least some exposure on that breakout above $75,000 but would also make sure to at least take some profit.

  • Bitcoin was somewhat quiet during the trading session on Friday, which of course is not a huge surprise.
  • After all, Friday was Good Friday in America, so a lot of the volume from the Wall Street ETF situation would not have been there.

With that being said, I think we still have a very bullish market, and I think this bullish market continues to be more of a buy on the dip type of market. After all, we have seen a pullback towards the $60,000 level only to watch BTC/USD rally again. Above, I think we have a significant resistance barrier in the form of $75,000, which if we can break above it, probably brings in more momentum.

Top Forex Brokers

    Sideways? Maybe.

    All things being equal, it does make a certain amount of sense that we would grind sideways in some type of consolidation phase momentarily as the market got way ahead of itself with the massive amount of inflows coming into the Bitcoin ETF. In general, this remains a bullish market, but sooner or later it will have a significant pullback. It does not show any signs of that yet, and therefore you have to play it from the long side regardless of what you see.

    BTC/USD Forex Signal Today 01/04: Strong (graph)

    As long as we stay above the 50 day EMA, which currently sits at roughly $59,000 below, you have to think of this as a long only market or at the very least, you're on the sidelines and you're not trying to short it. That being said, keep in mind that institutions can short Bitcoin much easier now that it's being packaged in an ETF format. So, the market has fundamentally changed for the long term. I imagine we're probably going to have to spend most of this year sorting out what that actually means.

    Ready to trade our free Forex signals? Here are the best MT4 crypto brokers to choose from. 

    Christopher Lewis
    About Christopher Lewis

    Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.

    Most Visited Forex Broker Reviews