My previous BTC/USD signal on 3rd March was not triggered.
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 $66,616, $66,359, or $65,233.
Place 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 bullish price action reversal on the H1 timeframe following the next touch of $68,077, $68,807, or $70,182.
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.
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.
BTC/USD Analysis
In my last BTC/USD forecast about a week ago, I thought that the price was likely to stay within its dominant medium-term range, and it did. I was looking towards a potential bullish breakout beyond the range, and it happened the very next day, but the price quickly fell back into its consolidation zone where it remains.
We have what looks to be a relatively evenly matched technical situation.
Bulls have strong support at $65,223 and a bullish bounce there could be a worthwhile long trade entry. This support may be strengthened by confluence with a descending trend line which I have drawn within the price chart below.
Bears are seeing a triple top chart pattern forming which is rejecting the nearest resistance level at $68,077.
I think that rejections of either of these levels could be interesting trades today.
Another interesting thing: even with all the chaos and dramatic price movements in the market, Bitcoin is behaving in a relatively restrained way. To me this shows that Bitcoin is no longer the focus of speculative excitement in the market in the way it was even a couple of years ago.
It is time fr crypto enthusiasts to learn to treat Bitcoin just like any other asset in the market.
There is nothing of high importance due today regarding either Bitcoin or the US Dollar.
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