was not triggered, as none of the key levels which I had identified were reached that day.
Today’s BTC/USD Signals
(Click on image to enlarge)Long Trade Ideas
Short Trade Idea
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 AnalysisI wrote in my previous last Monday that the outlook was very bullish, and the best signal to enter a new long trade would be a New York close above $91,070.This was an accurate, profitable call as it would have produced a winning long trade.The price has continued to advance, with all the price charts for Bitcoin simply showing very bullish price action, even though the pace of the advance has slowed down.Drilling down to the hourly chart, which is shown below, there are new higher support levels which could be used to find entry points at bounces.The price made a new record high at $98,000 close to the very big round number at $100,000. I think if that big number is reached, there will be profit taking, so people with long trades with floating profit might want to consider an exit at that level, or at least a partial exit.I think the price of Bitcoin will likely reach $100,000 today. Going long after that happens should only be done very carefully.If the price dips to $93,833 before reaching $100,000 and starts to bounce there, that would probably be a good long trade entry.There is nothing of high importance due today regarding Bitcoin or the US Dollar.More By This Author:Forex Today: Canadian Inflation Ticks HigherForex Today: Bitcoin Keeps Coiling Below Record HighBTC/USD Forex Signal: Threatening New Bullish Breakout
