BTC/USD Crypto Signal
|Yesterday’s signals were not triggered, as there was no bullish price action at $3,914.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades must be entered before 5pm Tokyo time today.
Long Trades
-
Long entry after a bullish price action reversal on the H1 time frame following the next touch of $3,741, $3,641, or $3,571.
-
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 ride.
Short Trades
-
Short entry after a bearish price action reversal on the H1 time frame following the next touch of $3,914 or $4,100.
-
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 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 be bullish following a healthy bounce at $3,914 or following a sustained break above $4,100. I noted that the price had room to rise beyond $4,100 for some way until it would meet the next resistance level. This was a fairly good call, at least good enough to keep out of trouble, as the price failed to rise and crashed down below the support and out of the bullish channel just a few hours ago. This is a bearish sign, but the price is really just back at a recent base so I would not want to get bearish while the price is still above $3,741 which is likely to be the pivotal level today. I suspect there will be better opportunities over the days ahead and the price will need to settle now before finding direction, unless it does break below $3,741 in which case, I would take a bearish bias.
Regarding the USD, the Chair of the Federal Reserve will be giving a minor speech at 5pm 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.