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 must be taken before 5pm New York time today only.
Long Trades
- Long entry after bullish price action on the H1 time frame following the next touch of $2607.71, $2570.44, or $2400.00.
- 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 Trades
- Short entry after bearish price action on the H1 time frame following the next touch of $2800.00 or $3000.00.
- 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
Yesterday’s “hard fork” in Bitcoin did not create as much volatility as I expected. The price found support at a supportive trend line very close to the nearest horizontal level $2607.71. However, the price has consolidated above that lower trend line, but has crucially remained below the broken trend line. This suggests the price is most likely to consolidate for a while, with neither bulls nor bears in control.
Regarding the USD, there will be a release of the ADP Non-Farm Employment Change forecast at 1:15pm London time followed by Crude Oil Inventories at 3pm..