Yesterday’s signals were not triggered, as there was no bullish price action at $8,334.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades can be entered until 5pm Tokyo time today, over the next 24-hour period.
Long Trade
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Go long after a bullish price action reversal on the H1 time frame following the next touch of $7,825.
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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.
Short Trades
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Go short after a bullish price action reversal on the H1 time frame following the next touch of $8,334 or $8,593.
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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.
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 although the situation looked a little bullish, it was better to stand aside. This at least prevented losses as the action turned much more bearish, with the long-term bearish trend line holding. The bears seem to be in full control now, with no key support levels close by, and new lower resistance levels above. For this reason, I have a bearish bias today. It is interesting to see how Bitcoin is behaving more and more like a Forex currency pair, and the exploding of the wild claims made in favour of Bitcoin a few months ago should be an important lesson. Bitcoin is not going to $100,000 any time soon!
Regarding the USD, there will be a release of Building Permits data at 1:30pm London time followed by Crude Oil Inventories data at 3:30pm.
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