BTC/USD Crypto Signal
|Yesterday’s signals were not triggered, as there was insufficiently bullish action when the price reached $6,447.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades may only be taken until 5pm Tokyo time, during the next 24-hour period.
Long Trades
-
Long entry after a bullish price action reversal on the H1 time frame following the next touch of $6,268 or $6,178.
-
Put the stop loss 1 pip below the local swing low.
-
Move the stop loss to break even once the trade is $200 in profit by price.
-
Remove 50% of the position as profit when the trade is $200 in profit by price and leave the remainder of the position to run.
Short Trade
-
Short entry after a bearish price action reversal on the H1 time frame following the next touch of $6,444.
-
Put the stop loss 1 pip above the local swing high.
-
Move the stop loss to break even once the trade is $200 in profit by price.
-
Remove 50% of the position as profit when the trade is $200 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.
I wrote yesterday that I had a bearish bias and that the price was likely to move down to the $6,500 are which turned out to be a good call. It now seems as if the price has found some support, making a bullish impression as it bounces just above the nearest support level at $6,268. I think it is now very unlikely that the price will be able to get above the resistance level at $6,445 today, but the short-term action might well be a bullish struggle to get close to it or even to just about reach it. I am bearish over the medium-term but have no directional bias today as I think the major movement has already played out.
Regarding the USD, there will be a release of Crude Oil Inventories data 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.