Bitcoin Futures August 2023 ($~BTCUSD) Trading Report

August 06, 2023, 00:15 am ET, BY Robert S.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Longer Term Trading Plans for ~BTCUSD

• Buy ~BTCUSD slightly over 26072.51 target 29822.40 stop loss @ 25997.21 Details

The technical summary data tells us to buy ~BTCUSD near 26072.51 with an upside target of 29822.40. This data also tells us to set a stop loss @ 25997.21 to protect against excessive loss in case the stock begins to move against the trade. 26072.51 is the first level of support below 29157.1 , and by rule, any test of support is a buy signal. In this case, support 26072.51 would be being tested, so a buy signal would exist.

• Short ~BTCUSD slightly under 29822.40, target 26072.51, stop loss @ 29908.53 Details

The technical summary data is suggesting a short of ~BTCUSD as it gets near 29822.40 with a downside target of 26072.51. We should have a stop loss in place at 29908.53though. 29822.40 is the first level of resistance above 29157.1, and by rule, any test of resistance is a short signal. In this case, if resistance 29822.40 is being tested, so a short signal would exist.

Swing Trading Plans for ~BTCUSD

• Buy ~BTCUSD slightly over 29488.91, target 29822.40, Stop Loss @ 29403.75 Details

If 29488.91 begins to break higher, the technical summary data tells us to buy ~BTCUSD just slightly over 29488.91, with an upside target of 29822.40. The data also tells us to set a stop loss @ 29403.75 in case the stock turns against the trade. 29488.91 is the first level of resistance above 29157.1, and by rule, any break above resistance is a buy signal. In this case, 29488.91, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short ~BTCUSD slightly near 29488.91, target 28897.00, Stop Loss @ 29574.07. Details

The technical summary data is suggesting a short of ~BTCUSD if it tests 29488.91 with a downside target of 28897.00. We should have a stop loss in place at 29574.07 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 29488.91, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

Day Trading Plans for ~BTCUSD

• Buy ~BTCUSD slightly over 29455.84, target 29488.91, Stop Loss @ 29387.12 Details

If 29455.84 begins to break higher, the technical summary data tells us to buy ~BTCUSD just slightly over 29455.84, with an upside target of 29488.91. The data also tells us to set a stop loss @ 29387.12 in case the stock turns against the trade. 29455.84 is the first level of resistance above 29157.1, and by rule, any break above resistance is a buy signal. In this case, 29455.84, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short ~BTCUSD slightly near 29455.84, target 29054.79, Stop Loss @ 29524.56. Details

The technical summary data is suggesting a short of ~BTCUSD if it tests 29455.84 with a downside target of 29054.79. We should have a stop loss in place at 29524.56 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 29455.84, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

Check the time stamp on this data. Updated AI-Generated Signals for Bitcoin Futures August 2023 (~BTCUSD) available here: ~BTCUSD.

~BTCUSD Ratings for August 06:

Term →	Near	Mid	Long
Rating	Neutral	Weak	Strong
P1	0	0	26072.51
P2	29054.79	28897.00	29822.40
P3	29455.84	29488.91	33880.38

AI Generated Signals for ~BTCUSD

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This report was produced using AI developed by Stock Traders Daily.  Over the past 20 years this proprietary AI has been refined to help identify the most opportune trading strategies for both individual stocks and the stock markets themselves.  This methodology is also applied to Index options, ETFs, and futures.  The objective of this specific report is to optimize trading in Bitcoin Futures August 2023 (NASDAQ: ~BTCUSD) while incorporating prudent risk controls.

Warning:

This is a static report, the data below was valid at the time of the publication, but support and resistance levels for ~BTCUSD change over time, so the report should be updated regularly.  Real Time updates are provided to subscribers.  Unlimited Real Time Reports.

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Instructions:

The rules that govern the data in this report are the rules of Technical Analysis.  For example, if ~BTCUSD is testing support buy signals surface, and resistance is the target.  Conversely, if resistance is being tested, that is a sign to control risk or short, and support would be the downside target accordingly.  In each case, the trigger point is designed to be both an ideal place to enter a position (avoid trading in the middle of a trading channel), and it acts as a level of risk control too.

Swing Trades, Day Trades, and Longer term Trading Plans:

This data is refined to differentiate trading plans for Day Trading, Swing Trading, and Long Term Investing plans for ~BTCUSD too.  All of these are offered below the Summary Table.