Yesterday’s signals were not triggered, as there was insufficiently bullish action when the price reached $6,447.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades may only be taken until 5pm Tokyo time, during the next 24-hour period.
Long Trades
-
Long entry after a bullish price action reversal on the H1 time frame following the next touch of $6,268 or $6,178.
-
Put 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 $6,444.
-
Put 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 I had a bearish bias and that the price was likely to move down to the $6,500 are which turned out to be a good call. It now seems as if the price has found some support, making a bullish impression as it bounces just above the nearest support level at $6,268. I think it is now very unlikely that the price will be able to get above the resistance level at $6,445 today, but the short-term action might well be a bullish struggle to get close to it or even to just about reach it. I am bearish over the medium-term but have no directional bias today as I think the major movement has already played out.
Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.
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.