Yesterday’s signals produced a long trade entry from the bullish inside bar breakout just after the rejection of the support level identified at $8,679. The outlook for this trade is unclear as the bounce looks relatively weak so far.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades must be entered before 5pm Tokyo time, over the next 24-hour period only.
Short Trade
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Go short after a bearish price action reversal on the H1 time frame following the next touch of $9,192.
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Place 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 $200 in profit by price.
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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.
Long Trades
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Go long after a bullish price action reversal on the H1 time frame following the next touch of $8,427 or $8,154.
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Place 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 $200 in profit by price.
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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 wrote yesterday that I had a bullish bias, which I was relatively confident about. I was completely wrong, the seeming halt to the sudden downwards movement was false, and the price has continued to move down and break through a couple of support levels, although $8,679 has held so far. The level at $9,192 has probably now become resistance. This unpredictable movement and the general increase in volatility and interest in Bitcoin makes me think that the price is likely to range for a while between levels, so I have no directional bias, and see convincing rejections of any key levels as probable good trades worth taking.
Regarding the USD, there will be a release of Core Durable Goods Orders at 1:30pm London time.
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