BTC/USD Crypto Signal
|Yesterday’s signals were not triggered as none of the key levels were reached yet.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades may only be entered before 5pm Tokyo time Friday.
Long Trades
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Long entry at a bullish price action reversal on the H1 time frame following the next touch of $3,804.
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Put the stop loss 1 pip below the local swing low.
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Move the stop loss to break even once the trade is $50 in profit by price.
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Remove 50% of the position as profit when the trade is $50 in profit by price and leave the remainder of the position to run.
Short Trades
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Short entry after a bearish price action reversal on the H1 time frame following the next touch of $3,876 or $3,969.
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Put the stop loss 1 pip above the local swing high.
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Move the stop loss to break even once the trade is $50 in profit by price.
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Remove 50% of the position as profit when the trade is $50 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 still thought that the best approach was to be bullish once the price had got above $3,875 for a while or bearish once $3,804 broke down convincingly and I also thought that there is more potential on the downside than the upside.
This approach would have avoided trouble and is still valid and actionable as the price continues to consolidate, both between the key levels already identified and within a narrowing triangle which is drawn in the price chart below.
The price needs a breakout on high volatility and when it eventually comes it should be worth riding it.
Regarding the USD, there is nothing of high importance due today.
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