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    BTC/USD Forex Signal: Consolidation Above $28,607

    WikiFX   |   1652870936000
    Abstract：The price has room to rise to $33,445. Previous BTC/USD Signal My signal yesterday was not triggered, as none of the key support or resistance levels were reached. Today’s BTC/USD Signals Risk 0.50% per trade. Trades must be entered before 5pm Tokyo time Thursday.

    　　The price has room to rise to $33,445.

    　　

    Previous BTC/USD Signal

    　　My signal yesterday was not triggered, as none of the key support or resistance levels were reached.

    Todays BTC/USD Signals

    　　Risk 0.50% per trade.

    　　Trades must be entered before 5pm Tokyo time Thursday.

    BTC/USD

    Long Trade Ideas

    • 　　Long entry after a bullish price action reversal on the H1 timeframe following the next touch of $28,607, $27,981, or $27,487.

    • 　　Place the stop loss $100 below the local swing low.

    • 　　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 run.

    Short Trade Ideas

    • 　　Short entry after a bearish price action reversal on the H1 timeframe following the next touch of $33,445 or $33,828.

    • 　　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 run.

    　　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

    　　I wrote yesterday that I saw Bitcoins recovery from the price area below $28,607 as technically significant.

    　　I thought that if the support level at $28,607 did not break down, the next likely price movement for Bitcoin was upwards to the next resistance level at $33,445.

    　　The price has not advanced significantly yet but continues to consolidate within its obvious short to medium-term range above $28,607.

    　　If this nearby support level at $28,607 holds, I think the line of least resistance will be upwards, so I still expect an upwards price movement to happen as the next major directional move.

    　　If the price does fall and get established below $28,607 that would be a bearish sign and could signal the start of a much stronger fall in the price. However, this is much less likely to happen after the price recovered from a drop into that price area last week.

    　　I remain happy to take a long trade here if we get a retracement to $28,607 and a bullish bounce off that level.

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