Yesterday’s signals were not triggered, as none of the key levels were ever reached.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades may only be entered before 5pm Tokyo time, during the next 24-hour period.
Long Trade
-
Long entry after a bullish price action reversal on the H1 time frame following the next touch of $7,128.
-
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 $7,685.
-
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 it looked as if we were seeing a short-term topping out at $7,300 which looked likely to push the price down to the support level at $7,128. This looked likely to be good support, so a long trade entry there following a bullish bounce was the potential trade to watch for today. I would have a bullish bias above $7,300 or at a bounce at $7,128.
This was a reasonably good call although the price did not do much, although it did keep failing to get significantly higher than $7,300. As there is no meaningful change to the technical picture, my approach today is exactly the same as I outlined yesterday.
Regarding the USD, there will be a release of ISM Manufacturing PMI data at 3pm London time.
Recommended Content
Editors’ Picks
Lido DAO announces new phase on Ethereum with Simple DVT module
Lido DAO voted on the deployment of the Simple DVT module nearly six months ago, it is ready for mainnet as of April 17. Simple DVT helps to make Lido’s technology accessible to more users. LDO price is down nearly 3% in the past day.
New altcoins crash and burn, but this altcoin shows strength Premium
Binance Coin price shows a bullish pennant continuation pattern. BNB could range between the $600 to $526 levels until the skies clear out for Bitcoin. The altcoin could see a massive gain with the upcoming BEP-336 upgrade.
Cronos price fails to recover despite network upgrade
Cronos (CRO) is an Ethereum Virtual Machine (EVM) compatible chain in the Cosmos ecosystem. A mainnet upgrade was completed early on Wednesday and the asset’s price declined nearly 2% in the past 24 hours.
XRP tests $0.50 resistance after Ripple CLO says pretrial conference with SEC did not take place
XRP is stuck below $0.50 resistance after failing to close above this level since Monday. Ripple CLO Stuart Alderoty said late Tuesday there was no pretrial conference since the SEC dropped charges against executives.
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.