Yesterday’s signals were not triggered, as the bullish price action unfortunately took place a little way below the support level which I had identified at $3,816.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades may only be entered before 5pm Tokyo time Wednesday.
Long Trades
-
Long entry at a bullish price action reversal on the H1 time frame following the next touch of $3,804 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 $3,876 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 picture remained weakly bullish as long as $3,816 continued to hold. I was ready take a weak bullish bias if there were a strong bullish bounce at that level following a bearish retracement. This was a good call but a narrow miss: the bullish turn took place slightly below $3,816.
Bulls and bears now seem to be evenly balanced despite the move up from $3,800, with the price currently just below two resistance levels. I ignore $3,858 for the time being but $3,875 could be more interesting.
The best approach will probably be to take a bullish bias a couple of hours after $3,876 is cleared or a bearish bias after a breakdown below $3,800 for a couple of hours. I think the downside has more potential.
Regarding the USD, there will be a release of CPI data at 1:30pm London time.
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?