BTCUSD Forex Signal: Bullish Sequence forexsignals
I wrote last Monday that the technical picture here had become more bearish, with the price dominated by a descending bearish trend line suppressing the price for more than one week. I foresaw lower prices as likely. However, I did think that the support level at $46,381 was likely to produce a firm bullish bounce if reached.
I was correct to be bearish insofar as the price traded lower over most of the day, well into the New York session, before bouncing close to the support level at $46,381 and then rising ever since. I was on the right track as seeing that level as likely to be strong, although my call was not actionable for a long trade.
The technical picture is considerably more bullish, as we have seen a succession of higher lows and higher highs over recent days. The technical feature which really stands out in the price chart below is the support level at $49,576 which looks very likely to hold if reached again, especially as it is confluent with the very major psychological round number at $50k.Bitcoin seems to be running out of steam in recent days as it gets close to the resistance level at $51,912.I am persuaded by the bullish case although I am not strongly bullish. I will take a long trade from any bullish bounce at either of the nearbyThere is nothing of high importance scheduled for today regarding the USD.
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