Yesterday’s signals were not triggered as the low of the day was slightly higher than the support level I identified at $3,936.

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades may only be taken before and 5pm Tokyo time Wednesday.

Long Trades

  • Long entry at a bullish price action reversal on the H1 time frame following the next touch of $3,936, $3,876 or $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 Trade

  • Short entry after a bearish price action reversal on the H1 time frame following the next touch of $4,374.

  • 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.

BTC/USD Analysis

I wrote yesterday that the picture is now generally more bullish, with no resistance to halt a further advance until $4,374. However, the price action of recent hours has suggested a topping out at about $4,000. It looked likely that the day’s pivotal level would be $3,936 – a strong bounce here and I would take a bullish bias.

This was a very good call as the low of the day was just slightly above that support. I say the picture now looks more bullish still, with the short-term price action telegraphing that higher prices are likely over the course of today.

Bitcoin

Regarding the USD, there is nothing of high importance due today.

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