BTC/USD Crypto Signal
|Yesterday’s signals were not triggered, as none of the key levels were ever reached.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades must be taken from 8am London time to 5pm Tokyo time, during the next 24-hour period only.
Long Trades
-
Long entry after a bullish price action reversal on the H1 time frame following the next touch $6,171 or $5,950.
-
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 Trades
-
Short entry after a bearish price action reversal on the H1 time frame following the next touch of $6,671 or $6,805.
-
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.
BTC/USD Analysis
I wrote yesterday that I was unsure as to likely short-term direction here, as although we had some bullish momentum, this entire area between $6,500 and $6,805 looks likely to be difficult to break. This was a good call, as the price has spent more time rising than falling but was held by $6,600.
The long-term picture shows a bearish trend which is slowly weakening away to almost nothing. Over the medium-term, we see fluctuating bullishness with bearishness. These developments are making Bitcoin increasingly hard to trade profitably. I have no directional bias today, although it can be said that right now the bulls look like they have a slight edge over the bears.
There is nothing important due today concerning the USD.
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.