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 Friday.
Long Trade
-
Long entry at a bullish price action reversal on the H1 time frame following the next touch of $3,557.
-
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 Trade
-
Short entry after a bearish price action reversal on the H1 time frame following the next touch of $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.
I wrote yesterday that the price continues to consolidate and was respecting the flipped level at $3,557 enough to identify this as new support. However, there was also a descending trend line close by which had had three taps already, so the bulls and bears seemed to be evenly balanced. I was looking for a breakout beyond those boundaries to take a bias in the direction of the breakout. This was a good call insofar as the price has remained contained so no trade. I would take the same approach today, so no change, but I would like to see any breakout making some higher volatility.
Concerning the USD, there will be releases of Retail Sales and PPI data at 1:30pm London time.
Recommended Content
Editors’ Picks
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
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.