Yesterday’s signals were not triggered, as none of the key levels were reached within the specified time session.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades may only be entered before 5pm New York time today.
Long Trades
Long entry after a bullish price action reversal on the H1 time frame following the next touch of $5638.48, or $5409.57.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is $200 in profit by price.
Take off 50% of the position as profit when the trade is $200 in profit by price and leave the remainder of the position to ride.
Short Trade 1
Go short after a strongly bearish price action reversal on the H1 time frame following the next touch of $5778.93.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is $200 in profit by price.
Take off 50% of the position as profit when the trade is $200 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
I wrote yesterday that the price really need to break up above the bearish trend line to look very bullish again. Although the price has got very close, the line remains intact, and so the wide bearish channel still holds technically. However, there is only one resistance barrier left to a fully bullish picture: the confluence at the bearish trend line and an obvious flipped horizontal resistance level at $5778.93.
I am still more enthusiastic about long trades than short trades, and suggest being quicker to take any profits on good short trades, and being more comfortable to let long trades run.
Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.