Yesterday’s signals were not triggered, as none of the key levels were reached.

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades may only be taken until 5pm Tokyo time Wednesday.

Long Trade

  • Long entry after a bullish price action reversal on the H1 time frame following the next touch of $3,470.

  • Put the stop loss 1 pip below the local swing low.

  • Move the stop loss to break even once the trade is $50 in profit by price.

  • Remove 50% of the position as profit when the trade is $50 in profit by price and leave the remainder of the position to ride.

Short Trades

  • Go short after a bearish price action reversal on the H1 time frame following the next touch of $3,580 or $3,732.

  • Put the stop loss 1 pip above the local swing high.

  • Move the stop loss to break even once the trade is $50 in profit by price.

  • Remove 50% of the position as profit when the trade is $50 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.

BTC/USD Analysis

I wrote yesterday that the picture had become more bullish, and the three former resistance levels have now probably become support. The price was within a relatively wide area without any key levels, so short-term direction was very hard to predict.

The price has continued to gently sell off and seems to have printed a new lower resistance level at $3,580. This is likely to be today’s pivotal level and it would make sense to be bearish if the price keeps rejecting it from below.

BTC

Concerning the USD, the Chair of the Federal Reserve will be making a minor speech at 5:45pm London time.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

BTC/USD low volatility indicates a significant move to $8,000 or $10,000 is nearby

Bitcoin price is currently at $9,229 after a brief dip to $9,104. It is currently below the daily 12-EMA and the 26-EMA which have been unable to cross positively due to the lack of bullish continuation. 

More Bitcoin News

XRP/USD do-or-die scenario at $0.20

The XRP price target at $0.21 is slowly fading away after an extended consolidation period. XRP is still fighting to stay above $0.20 while daily EMAs...

More Ripple News

ETH/USD still on its way to $250 as the market cap of ERC-20 tokens surpassed Ethereum

Ethereum has been outperforming Bitcoin for quite some time and it’s still really close to cracking $250. Ethereum price is at $240.32 after a slight drop below the daily 12-EMA...

More Ethereum News

ADA/USD 8% explosion towards $0.138 could indicate that bulls are ready for $0.15

ADA/USD had a significant drop to $0.12 after getting rejected at $0.136 on July 13. The bulls managed to buy the dip and have pushed ADA above $0.13...

More Cardano News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive

The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.

Read the weekly forecast

BTC

ETH

XRP