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 may only be entered until 5pm Tokyo time Wednesday.
Long Trades
-
Long entry at a bullish price action reversal on the H1 time frame following the next touch of $3,646 or $3,552.
-
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 run.
Short Trades
-
Short entry after a bearish price action reversal on the H1 time frame following the next touch of $3,859 or $3,969.
-
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 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.
I wrote yesterday that the price really needed to break out of the current range between the nearest resistance and support levels and stay there before it would become interesting, but in the meantime, it could be possible to take more of a risk and try to hold a rejection from one of the nearer key levels.
This was a good call as neither of the levels have been reached yet. Therefore, I would repeat today exactly the same thing that I said yesterday, but with a single change – it is possible that we are seeing new lower resistance form and hold at about $3,725 which is exactly where the price is sitting right now. However, getting bearish here looks dangerous as we have major and probably strong support close below at $3,646. This means that if the price can get established above $3,750 then I think it would be likely to move higher for some distance.
There is nothing of high importance due today regarding the USD.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?