was not triggered, as there was no bullish price action at the support levels which I had identified 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 , 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 over a week ago that Bitcoin looking likely to rise in line with Trump and Congressional Republicans’ electoral fortunes, which wasn’t rocket science but was correct.As the results became clear, we saw Bitcoin making a very strong bullish breakout to new record highs, rising by as much as 10% in a day. The price made a fresh record high above $90,000 yesterday but has since been making a bearish retracement. This retracement is relatively shallow and is nothing out of the ordinary, so there is no reason not to expect still higher record prices will be reached soon given the underlying bullish fundamental drivers – the more crypto-friendly environment that the new Republican governance will surely bring.The technical question before us is whether Bitcoin will retrace further before rising again, or will it just turn strongly bullish again and blast ahead to $100,000? I see that huge round number as being a natural barrier, and there is a strong case to take profit on a long trade as soon as that number is reached, as I think a period of consolidation will probably be needed before Bitcoin could get established above $100,000.Looking at the hourly chart below, the price has quite a way to fall before it will reach any natural support levels, with the nearest one being a little below $82,000. However, given the high level of volatility we have been seeing in Bitcoin over the past week, it could easily get there within just a few hours.A thing to watch out for now is any news about the US government’s approach towards crypto or Bitcoin – that could move the price by several thousand dollars.Looking at the price action, we may be seeing a bullish double bottom above $86,000.
There is nothing of high importance due today regarding Bitcoin. Concerning the US Dollar, there will be a release of CPI (inflation) data at 1:30pm London time.More By This Author:Forex Today: Trump Trade Sends Bitcoin, US Stocks To Record HighsWeekly Forex Forecast – Sunday, Nov. 10Forex Today: US Fed, Bank Of England Both Expected To Cut Rates By 0.25%
