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【XM Forex】--BTC/USD Forex Signal: Consolidating Under $88,958

Risk Warning:

The purpose of information release is to warn investors of risks and does not constitute any investment advice. The relevant data and information are from third parties and are for reference only. Investors are requested to verify before use and assume all risks.

Hello everyone, today XM Forex will bring you "【XM Forex】--BTC/USD Forex Signal: Consolidating Under $88,958". I hope it will be helpful to you! The original content is as follows:

My previous BTC/USD signal last Monday was not triggered, as there was no bullish price action when the price first reached the support level at $86,874.

Today’s BTC/USD Signals

Risk 0.50% per trade.
Trades must be taken prior to 5pm Tokyo time Friday.

Long Trade Ideas

Go long after a bullish price action reversal on the H1 timeframe following the next touch of $87,311, $86,792, or $86,215.
Put the stop xmserving.comloss $100 below the local swing low.
Move 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

Go short after a bearish price action reversal on the H1 timeframe following the next touch of $88,958 or $95,038.
Put the stop loss $100 above the local swing high.
Move 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 in my previous BTC/USD forecast on 24th March that the price action was looking more bullish. I thought that a long trade entry following two consecutive higher hourly closes above $87,500 could be a good long trade but watch out for the resistance level at $88,958.

I was correct about the price rising higher than $87,500 but my suggestion to wait for two consecutive higher hourly closes should have been enough to keep out of trouble (assuming you avoided the pin bar), but even if you did enter, there was some potential profit on the long side over the day - it just depends when you exited.

It is notable that the price is continuing to consolidate and begin to form a wedge chart pattern below the key resistance level at $88,958. This level has held so firmly and obviously that it is starting to look important and pivotal. A bullish breakout beyond this resistance level could trigger a sustained upwards price movement, because there are no more resistance levels above it until the $95,000 area.

There is a bullish sign: the recent price action has printed two higher stairstep support levels, suggesting the price will soon go on to make another attempt to break out beyond $88,958.

However, Bitcoin’s price seems very affected by general risk sentiment now. This sentiment was recovering but has taken a knock in recent hours as President Trump announced new tariffs on automobiles yesterday, and he will be announcing the details of further new tariffs on Wednesday next week – so this resistance level might hold until then.

I suggest the best approach here will be to take a short trade if there is a strong rejection of $88,958, or a long trade if we get two consecutive higher hourly candlesticks closing above that level, without any strong upper wick on the second candlestick.

You should start to think about exiting such a short trade at about $88,250 because it is likely not to run far.

There is nothing of high importance due today regarding Bitcoin. Concerning the US Dollar, there will be releases of Final GDP and Unemployment Claims data at 12:30pm London time.

The above content is all about "【XM Forex】--BTC/USD Forex Signal: Consolidating Under $88,958", which is carefully xmserving.compiled and edited by XM Forex editor. I hope it will be helpful for your trading! Thank you for your support!

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Trusted by over 15 Million Traders

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market news

【XM Forex】--BTC/USD Forex Signal: Consolidating Under $88,958

Today’s BTC/USD Signals

Long Trade Ideas

Short Trade Ideas

BTC/USD Analysis

Related News

XM Forex Trading Platform

CATEGORIES

News

The Most Awarded Broker
for a Reason