BTC/USD Forex Signal

Yesterday’s signals were not triggered, as none of the key price levels were ever reached.

Today’s BTC/USD Signals

Risk 0.50% per trade.

Trades may only be entered before 5pm Tokyo time, over next 24-hours.

Long Trades

  • Go long after a bullish price action reversal on the H1 time frame following the next touch of either of the supportive trend lines currently sitting at about $8,303 or $8,089 respectively.

  • Place 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 Trade

  • Go short after a bearish price action reversal on the H1 time frame following the next touch of $9,508.

  • Place 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

Yesterday I had no directional bias, but I thought that the price would continue to the lower triangle trend line. The price did not get there yet, instead it advanced a little and broke up past one trend line, although it seems as if it may now be failing at the higher, second trend line (see the price chart below). The action is still evenly balanced between bulls and bears, but I think that the bulls will prevail over the short term, so I prefer long trades off bullish bounces at either of the two supportive trend lines below.

Bitcoin

Regarding the USD, there will be releases of CPI and Retail Sales data at 1:30pm London time.

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