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 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 $4218.50 or $4115.86.
- Place 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.
- 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 Trade 1
- Short entry after a bearish price action reversal on the H1 time frame following the next touch of $4779.06.
- Place 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.
- 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
The price consolidated yesterday before falling a little. This is nothing significant, the nearest support level is untouched. It might be that the round number at $4500.00 made its presence felt a little early on the price. My bullish bias from last week has proved to be correct and there is no reason not to stay bullish, at least until the nearest support level at $4218.50 is tested. The relative strength of Bitcoin is also impressive considering we are measuring it here in USD, even as the USD continues to strengthen. I keep a firm bullish bias.
There is nothing due today concerning the USD.