If the price can close above $ 20,000 at the end of a day, it will be worth trying to take a long trade to exploit the cut as the price could rise much higher quickly.
No signals were triggered last Thursday, as there were no bearish price actions when the resistance level was first reached at $ 19,314.
BTC / USD signs today
0.50% risk per trade.
Competitions can only take place before 5pm Tokyo time.
Long Trade Ideas
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Go far after reversing bullish price action on the H1 time frame following the next touch of $ 18,330, $ 17,900, or $ 17,537.
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Put the $ 50 stop under the local swing low.
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Move the stop loss to balance the budget once the trade is $ 50 in profit by price.
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Subtract 50% of the position as profit when the trade is $ 50 in profit by price and leave the rest of the job running.
Short Trade Ideas
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Go short after reversing bearish price action on the H1 time frame following the next touch of $ 19,429, $ 19,864 or $ 20,000.
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Place the $ 50 stoplight above the local swing high.
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Move the stop loss to balance the budget once the trade is $ 50 in profit by price.
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Subtract 50% of the position as profit when the trade is $ 50 in profit by price and leave the rest of the job running.
The best way to identify classic “price action reversals” is for an hourglass to close, such as a pin bar, doji, outside candle or even a candle engulfed with a higher lid. You can exploit these levels or zones by watching the price action that takes place at the given levels.
BTC / USD analysis
I wrote last Thursday that the technical picture has become a bit more bearish, with the price threatening to break below the bearish trend line. I was right to be more pessimistic about the price cutting to a new high because it didn’t, and the trend line was shattered the next day.
As I have been saying for the past few days, this price area near $ 20,000 remains very central to Bitcoin.
If the price can close above $ 20,000 at the end of a day, it will be worth trying to take a long trade to exploit the cut as the price could rise much higher quickly. On the other hand, a large bearish reversal of a double-head could be a good short to medium-term trade.
The technical picture, after looking more bearish, has become a bit more bullish over the last few hours, with the short-term price action showing a slow buy pushing the price higher to the adjacent resistance level for $ 19,430. If the price makes a strong failure to break this level, it could produce good long-term short trade. If the price is set above it, that would be a bullish signal, but I don’t want to take any long trades here until we get New York closing above $ 20,000. Bulls should have the patience to wait for this. Better to lose a few dollars at the start of a breakout trade than to go into a bogus scheme all over again.
Bitcoin is worth a close look at the moment, especially as we are at the end of a calendar year and so close to a record high and a large round number at $ 20,000 – but bulls at their best will show patience and discipline on now.
Nothing of high importance is due today regarding the USD.