Yesterday’s signals were not triggered as none of the key levels were reached yet.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades may only be entered before 5pm Tokyo time Friday.
Long Trades
-
Long entry at a bullish price action reversal on the H1 time frame following the next touch of $3,804.
-
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 I still thought that the best approach was to be bullish once the price had got above $3,875 for a while or bearish once $3,804 broke down convincingly and I also thought that there is more potential on the downside than the upside.
This approach would have avoided trouble and is still valid and actionable as the price continues to consolidate, both between the key levels already identified and within a narrowing triangle which is drawn in the price chart below.
The price needs a breakout on high volatility and when it eventually comes it should be worth riding it.
Regarding the USD, there is nothing of high importance due today.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
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?