By: DailyForex
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.
Long Trades
- Go long after a bullish price action reversal on the H1 time frame following the next touch of $3807.86 or $3629.46.
- Put 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.
- 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 1
- Go short after a bearish price action reversal on the H1 time frame following the next touch of $4115.86.
- Put 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.
- 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
We now have a break, although it is very quiet, above the final bearish trend line. The price has held up above the nearest area of support and continues to make higher lows, becoming established within a clear and symmetrical bullish channel as shown in the chart below. These reasons justify a bullish outlook; however, it is still obvious that the price seems to have trouble clearing the $4000 area, and that volatility is dropping with no obvious higher highs being made. Therefore, I am maintaining only a weakly bullish bias for now.
Today I have a more bullish bias.
Regarding the USD, there will be a release of Core Durable Goods Orders at 1:30pm London time, followed by Crude Oil Inventories at 3pm.