BTC/USD trades narrowly; bearish over $70,000. Long at $69,699/$62,287, short at $66,480/$69,910. Watch for breakout, key US data, and Powell’s speech.My previous BTC/USD signal on 27th March was not triggered. Today’s BTC/USD Signals
Long Trade Ideas
Short Trade Ideas
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 AnalysisI wrote in my previous BTC/USD analysis one week ago that the technical picture suggested that the price has topped out at about $71,000 some way below the recent all-time high near $74,000. I saw two consecutive hourly closes below $68,852 as a good potential short trade signal.Unfortunately, this was a bad call, as it did set up but would have got you entering a short trade right at the low of the day, so this was definitely a losing trade.The technical picture has become a bit more bearish as the price has declined further, although it seems to have found firm support at $64,699. Despite that, there is strong resistance just overhead at $66,480, which seems to be succeeding at holding down the price.The current price action is stuck within this narrow range, but a productive approach could be to wait for a breakout – bullish above $66,480, and bearish below $64,699. Regarding the US Dollar, there will be a release of the ADP Non-Farm Employment Change Forecast at 1:15pm London time, followed by US ISM Services PMI at 3pm and Fed Chair Powell speaking at 5:10pm.More By This Author:Forex Today: Gold Makes New Record At $2,288 Forex Today: Yen Nears Record Low, Markets Await Possible BoJ InterventionWeekly Forex Forecast – Sunday, March 31
