Last Thursday’s signals were not triggered, as $6815.36 was not reached that day.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades must be taken between 8am and 5pm New York time today only.
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 Trades
Go short after a bearish price action reversal on the H1 time frame following the next touch of $6453.29 or $6815.36.
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
Over the weekend we saw a lot of panic from many analysts that the “Bitcoin bubble” was finally bursting. I blogged yesterday about how the panic was a false panic, and I seem to have been proved right – the sell-off was triggered by the Bitcoin / Bitcoin Cash “civil war”, and the movement now seems to have stabilized. There is high volatility, but that is no reason why the price will not begin a period of consolidation now, which I think is the most likely outcome. The short-term outlook is perhaps slightly bullish, much will depend upon whether the resistance level at $6453.29 or $6815.36 hold. The bullish channel has broken, but the support level above $5600 has held very firmly, which is comforting for bulls and long-term investors. I think anyone who bought at the lows near $5700 received a good deal.
There is nothing due today concerning the USD.