BTC/USD Crypto Signal
|Yesterday’s signals were not triggered, as the low was just slightly off the support level identified at $6,440.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades may only be taken until 5pm Tokyo time today, over the next 24-hour period.
Long Trades
-
Go long after a bullish price action reversal on the H1 time frame following the next touch of $6,440 or $6,374.
-
Place 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.
Short Trade
-
Go short after a bearish price action reversal on the H1 time frame following the next touch of $6,679.
-
Place 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.
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 would take a bullish bias today if the price could advance beyond the trend line and stay there for two hours. The price was never able to reach the trend line, so that scenario did not occur.
The picture remains bullish, as the nearest support level has held, and seems to be acting as support after the recent bearish retracement. The most likely outcome is that the level holds, and the price continues to advance from there, so I will take a bullish bias if we now get a strongly bullish bounce from this level without the level breaking down.
Regarding the USD, there will be a release of the FOMC Statement and Federal Funds Rate at 7pm 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.