Yesterday’s signals were not triggered, as neither of the key levels were ever reached.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades must be entered before 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 $7836.69 or $7346.96.
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.
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
There has been no change to the technical picture since yesterday’s analysis. The price continues to behave in a bullish way, looking as if it is going to rise further and probably make new all-time highs, so my very bullish bias remains unchanged. Although it is possible to draw a wedge-shaped channel, as shown in the chart below, I would not be optimistic in using either of the trend lines, especially the higher one for a potential short trade. The swings have become less volatile, but that is OK, in fact it makes swing or position trading easier.
Regarding the USD, there will be releases of Core Durable Goods Orders and Unemployment Claims at 1:30pm London time, followed by Crude Oil Inventories at 5pm, and FOMC Meeting Minutes at 7pm.