BTC/USD Crypto Signal
|Yesterday’s signals were not triggered, as there was no bullish price action at $6,268, and the level at $6,178 was not reached until after 5pm Tokyo time.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades must be entered before 5pm Tokyo time, over the next 24-hour period.
Long Trades
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Go long after a bullish price action reversal on the H1 time frame following the next touch of $6,178 or $5,950.
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Place the stop loss 1 pip below the local swing low.
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Adjust the stop loss to break even once the trade is $200 in profit by price.
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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.
Short Trades
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Go short after a bearish price action reversal on the H1 time frame following the next touch of $6,268 or $6,465.
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Place the stop loss 1 pip above the local swing high.
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Adjust the stop loss to break even once the trade is $200 in profit by price.
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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.
I wrote yesterday that I thought it was very unlikely that the price would be able to get above the resistance level at $6,445 today, and I was completely correct, with the price finally breaking down again below support and falling further. The price is now finding support at $6,178, but the picture looks very bearish and I have a bearish bias, although as the price is bouncing it may well rise over the next few hours. I think it is more likely that the support will be broken over the next 24 hours than that it will hold.
Regarding the USD, there will be a release of CPI data at 1:30pm London time.
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