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 must be entered before 5pm Tokyo time today.
Long Trades
-
Long entry after a bullish price action reversal on the H1 time frame following the next touch of $3,914 or $3,741.
-
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 ride.
Short Trades
-
Short entry after a bearish price action reversal on the H1 time frame following the next touch of $4,100 or $4,373.
-
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 ride.
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 as the price had printed new support levels and was also well established within a bullish price channel., it looked likely that the pivotal level would be at $3,914. This was OK as the price remained within trend lines and the horizontal levels, making a relatively gentle and slow bearish retracement, so we do not have a strong reason to stop being bullish. The signs are all weakly bullish and I would take a bullish bias later if there is a bullish bounce at $3,914. A sustained break above $4,100 would be a more bullish sign yet.
There is nothing of high importance due today regarding the USD.
Recommended Content
Editors’ Picks
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. Investors can expect XRP to kickstart a massive rally.
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface. Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal. XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation. Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0. A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.