BTC/USD Crypto Signal

Yesterday’s signals were not triggered, as there was no bearish price action at $6,696.

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades may be entered until 5pm Tokyo time today, over the next 24-hour period only.

Long Trades

  • Long entry after a bullish price action reversal on the H1 time frame following the next touch of $6,563 or $6,340.

  • Place the stop loss 1 pip below the local swing low.

  • 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.

Short Trade

  • Short entry after a bearish price action reversal on the H1 time frame following the next touch of $6,805.

  • 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

Yesterday I wrote that I had no directional bias. The technical picture still looks relatively uncertain today, just arguably a little bullish. The best that can be said is that if the support level at $6,563 survives another test soon, the price would be more likely to rise towards the nearby resistance at $6,805. There will probably be better opportunities in more traditional fiat Forex currency pairs today.

Bitcoin

Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.

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