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 must be entered before 5pm Tokyo time Thursday.

Long Trades

  • Go long at a bullish price action reversal on the H1 time frame following the next touch of $3,732, $3,646 or $3,552.

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

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

  • Take off 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

  • Go short after a bearish price action reversal on the H1 time frame following the next touch of $3,859 or $3,969.

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

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

  • Take off 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 it still looked impossible to forecast any direction here, so I thought this was still best avoided by traders. This was a good call as the price went nowhere, just consolidating quietly without even reaching either of the nearby support or resistance levels. The picture looks very evenly balanced, so it probably still worth avoiding trading this pair today. I have no directional bias and there is no trend.

BTCUSD

Regarding the USD, the Chair of the Federal Reserve will be testifying before the House of Congress on its Monetary Policy Report at 3pm London time.

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