Yesterday’s signals were not triggered, as there was no bullish price action when the price reached $6,563.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades may be taken until 5pm Tokyo time, during the next 24-hour period only.
Long Trade
-
Long entry after a bullish price action reversal on the H1 time frame following the next touch of $6,538.
-
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 Trades
-
Short entry after a bearish price action reversal on the H1 time frame following the next touch of $6,268.
-
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.
I wrote yesterday that if the former resistance at $6,563 held for a while, we were likely to see another upwards push, so I took a mildly bullish bias. This did not work out so well as the level did not hold up and the price moved down, but I was right to see that level as pivotal. I have adjusted it slightly, but it should now act as resistance. Despite the new lower resistance, the action still looks relatively bullish, but I have no directional bias today. The price needs more time and more bullish action before it can become possible to be more confidently bullish.
There is nothing important due today concerning the USD. It is a public holiday in the USA.
Recommended Content
Editors’ Picks
Why crypto may see a recovery right before or shortly after Bitcoin halving
Cryptocurrency market is bleeding, with Bitcoin price leading altcoins south in a broader market crash. The elevated risk levels have bulls sitting on their hands, but analysts from Santiment say this bleed may only be cauterized right before or shortly after the halving.
Manta Network price braces for volatility as $44 million worth of MANTA is due to flood markets
Manta Network (MANTA) price was not spared from the broader market crash instigated by a weakness in the Bitcoin (BTC) market. While analysts call a bottoming out in the BTC price, the Web3 modular ecosystem token could suffer further impact.
Bitcoin price uptrend to continue post-halving, Bernstein report says as traders remain in disarray
Bitcoin is dropping amid elevated risk levels in the market. It comes as traders count hours to the much-anticipated halving event. Amid the market lull, experts say we may not see a rally until after the halving.
OMNI post nearly 50% loss after airdrop and exchange listing
Omni network (OMNI) lost nearly 50% of its value on Wednesday after investors dumped the token following its listing on top crypto exchanges. A potential reason for the crash may be due to the wider crypto market slump.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.