BTC/USD Crypto Signal
|Yesterday’s signals were not triggered, as there was no bearish price action at $9,420.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades may only be entered before 5pm Tokyo time, during the next 24-hour period.
Short Trade
-
Short entry after a bearish price action reversal on the H1 time frame following the next touch of $10,131.
-
Put the stop loss 1 pip above the local swing high.
-
Adjust the stop loss to break even once the trade is $200 in profit by price.
-
Take off 50% of the position as profit when the trade is $200 in profit by price and leave the remainder of the position to ride.
Long Trades
-
Long entry after a bullish price action reversal on the H1 time frame following the next touch of $9,192, $9,000, or $8,679.
-
Put the stop loss 1 pip below the local swing low.
-
Adjust the stop loss to break even once the trade is $200 in profit by price.
-
Take off 50% of the position as profit when the trade is $200 in profit by price and leave the remainder of the position to ride.
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 yesterday that I had a bullish bias, as the price was continuing to make new multi-week high prices. This has paid off well, as the price rose strongly over the day to make a new high just below $9,800 which invalidated the former resistance level at $9,420. The price has flipped an old resistance level at $9,192 to become new higher support, and it seems to have halted a sharp move down in the Asian session. It looks like the price will rise over coming hours. It may not happen today, but a test of the psychologically key $10,000 area looks likely to happen soon. It will be interesting to see how the price will behave there. I maintain my bullish bias.
Regarding the USD, there will be a release of Crude Oil Inventories at 3:30pm London time.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.