BTC/USD Crypto Signal
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades may only be entered before 8am London time and 5pm Tokyo time, during the next 24-hour period.
Long Trades
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Long entry after a bullish price action reversal on the H1 time frame following the next touch of $5,950 or $5.600.
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Put 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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Short entry after a bearish price action reversal on the H1 time frame following the next touch of $6,700 or $7,100.
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Put 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.
The recent weakness in this pair has supported the return of the sell-off and the price retreated to $6200 level before stabilizing around $6350 with a market value of $109 billion. Movements remain in a narrow range that lacks a clear vision, but it seems the pair more likely to decline and test lower support levels.
Regarding the USD, here will be the release of the Building Permits data.
Author
Adam Lemon
DailyForex.com
Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment.
