Last Thursday’s signals may have produced a losing long trade from the bullish hourly candlestick which rejected the support level identified at $6,811 during last Friday’s Asian session.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades may only be entered from 8am New York time until 5pm Tokyo time, during the next 24-hour period.
Short Trade
-
Go short after a bearish price action reversal on the H1 time frame following the next touch of $7,335.
-
Put the stop loss 1 pip above the local swing high.
-
Adjust the stop loss to break even once the trade is $200 in profit by price.
-
Take off 50% of the position as profit when the trade is $200 in profit by price and leave the remainder of the position to ride.
Long Trade
-
Go long after a bullish price action reversal on the H1 time frame following the next touch of $5,638.
-
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 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.
BTC/USD Analysis
I maintained a bearish bias last Thursday and was proven to be correct, as the price has continued to fall and the key support level at $6,811 has been invalidated. The price keeps carving out short-term bearish trend lines which act as resistance and suppress the price. The price has now reached levels not seen for a while (in Bitcoin terms) and has fallen by something like 65% / 70% since last December’s highs. There is a bear market in Bitcoin and no obvious sign of it coming back any time soon: this might be hard to swallow for some, yet it is time to face facts. The next support level is a long way down, in the $5,600 area. I keep my bearish bias but would become more bullish if the price can get established above $7,335.
Regarding the USD, there will be a release of ISM Manufacturing PMI data at 3pm London time.
Recommended Content
Editors’ Picks
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle (PENDLE) price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.
Ethereum shows signs of a potential rally as suspected Justin Sun wallet buys heavily
Ethereum's (ETH) recent price movement hints at a potential rally despite ETH ETPs recording outflows. The recent price improvement follows the fourth Bitcoin halving and a suspected Justin Sun wallet purchasing large numbers of ETH.
Floki poised for growth after listing on Revolut
Floki's (FLOKI) team announced in an X post on Monday that the meme coin would be listed on the popular neobank and Fintech platform Revolut. Floki could rise further following key partnerships to boost retail usage.
Jupiter DEX second Launchpad vote concludes, JUP price rises 5%
Jupiter, a Solana-based decentralized exchange (DEX) has completed the second launchpad (LFG) vote to identify the two projects that will debut on its platform. On March 30, the aggregator network had unveiled its Core Working Group (CWG) budget proposal voting.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?