My previous BTC/USD signal on 5th January was not triggered.
image_12012026.webp "BTC/USD Forex Signal 12/01: Looking More Bearish (Chart)")
Today’s BTC/USD Signals
Risk 0.50% per trade.
Trades must 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 $89,019, $88,611, or $86,657.
- 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 bullish price action reversal on the H1 timeframe following the next touch of $91,614, $92,196, or $93,044.
- 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.
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BTC/USD Analysis
In my last BTC/USD forecast one week ago, I thought the support at $91,589 looked like it was clearly going to be the day’s pivotal point – bulls had a lot of room to rise from here, so I was looking for a long. As it happened, the price never reached that level, and spent most of the day rising, so this was not a bad call.
The price has been moving sideways for about one month now. Even as some stock market indices and precious metals scored big gains and new long-term or even record hights, Bitcoin recovered a little but basically remained in the doldrums. This is a bearish sign for Bitcoin.
The price action is bearish and suggesting that we are likely to soon get a test of what looks like a very crucial support zone between $89.019 and $88,611.
If the price reaches this level later today and bounces, a long trade targeting $91,614 could be interesting.
Alternatively, if this zone breaks down, it could trigger a much better short trade signal, if the price tests this zone from below but makes a bearish failure, as the price could easily fall all the way to $86,657.
There is nothing of high importance due today regarding either Bitcoin or the US Dollar.
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