was not triggered, as there was no bullish price action when any of the support levels were first reached that day. Today’s BTC/USD SignalsRisk 0.75% per trade.Trades must be entered before 5pm Tokyo time Tuesday. Long Trade Ideas
Short Trade Ideas
The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a , a , an outside or even just an with a higher close. You can exploit these levels or zones by watching the that occurs at the given levels. BTC/USD AnalysisI wrote in my previous analysis last Monday that Bitcoin might be a good long-term buy at support, but the drop from the highs printed several new resistance levels which may be hard to break. So, I saw the best approach might be to enter any bounces off support as long trades but be prepared to treat them like short-term trades if they do not perform well quickly.This was a good call, as the price action has continued to be mostly bearish, but we do see strong support holding a bit lower than I was expecting last week, at $40,623. This level might still be a good place for a long-term buy as it is a little confluent with the big round number at $40k. However, the price chart below shows bearish price action bear the recent long-term highs, capped by a firmly descending trend line which seems to be pushing the price down.I will still look for a firm bounce at $40,623 for a cautious long trade entry, but traders might want to be very cautious with this depending upon their risk appetite. More cautious traders may prefer waiting for a breakout signalled by a daily close above $44k which makes a new long-term high price.On the other hand, due to its confluence with the bearish trend line, a short trade from a bearish reversal at $42,140 also looks attractive.(Click on image to enlarge)
More By This Author:EUR/USD Forex Signal: Bearish Outlook As The Double-Bottom Pattern Forms Weekly Forex Forecast – USD/JPY, EUR/USD, NASDAQ 100, Cocoa FuturesGBP/USD: Weekly Forecast 17th December – 23rd December
