BTC/USD Forex Signal

Adam Lemon DailyForex.com

Yesterday’s signals were not triggered, as the price never reached the key resistance level at $9,420.

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades must be taken by 5pm Tokyo time, over the next 24-hour period only.

Short Trades

Short entry after a bearish price action reversal on the H1 time frame following the next touch of $9,420 or $10,131.
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

I had a bearish bias yesterday, and the price did fall slightly. There is no change at all to the technical picture here: it still looks bearish, with no key support anywhere nearby and nothing really to hold the price up except some general buying below $9,000. This area might still hold but the price is looking a little heavier as it continues to fail to rise, being held down by the nearby resistance level at $9,420. Another failure at that level followed by a sharp move down could be a good short trade entry opportunity. I maintain my bearish bias today.

Regarding the USD, there will be a release of Retail Sales and PPI data at 12:30pm London time, followed later by Crude Oil Inventories at 2:30pm.

Author

Adam Lemon

DailyForex.com

Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment.

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