BTC/USD Crypto Signal

Yesterday’s signals were not triggered, as the price never reached $8,271.

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades must be taken between 8am New York time and 5pm Tokyo time, over the next 24-hour period only.

Short Trade

• Short entry after a bearish price action reversal on the H1 time frame following the next touch of $8,271.

• 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 maintained a bearish bias yesterday and was proved to be correct, as the price has continued to fall. The bearish trend line shown in the price chart below continues to hold. There are now no key support levels anywhere close to the current price, although there is a key swing low at about $7,330 which could be supportive, as well as the psychological level of $7,500. There is no reason to change away from a bearish bias provided the price remains below the key resistance level at $8,271. There is a long-term bearish trend on all the major cryptocurrencies, which is something else which should encourage a bearish bias.

Regarding the USD, there will be a release of Final GDP data at 12:30pm London time, followed by Crude Oil Inventories at 2:30pm.