The technical picture has now become more bearish as we have seen topping price action around $44,000 with the resistance level at $44,228 looking especially strong. produced an excellent, nicely profitable long trade from the hourly inside bar which rejected the key support level at $40,623. Today’s BTC/USD SignalsRisk 0.75% per trade.Trades may only be taken prior to 5pm Tokyo time Friday. 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 analysis on Monday last week that Bitcoin might be a good long-term buy at $40,623. This was a good call as it produced a nicely profitable trade, in line with the long-term bullish trend.The technical picture has now become more bearish as we have seen topping price action around $44,000 with the resistance level at $44,228 looking especially strong. Another sign of consolidation which might be producing a reversal – or a high chance of a reversal – is the narrowing triangle formation which can be seen in the price chart below.There is still a long-term bullish trend, but it is notable that so many stock indices, currencies, and commodities are breaking to new long-term highs against the US Dollar, while Bitcoin is failing to do so. This is a bearish sign for Bitcoin. Some analysts are speculating that if a Bitcoin ETF is soon approved as expected, it could drive the price of Bitcoin down.So, there are signs of a bearish reversal, which suggests that a short trade from another touch of the strong resistance level at $44,228 could be a good short trade entry signal.(Click on image to enlarge)
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