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BTC/USD Forex Signal - 6 November 2017

By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

Last Thursday’s signals produced a profitable trade following the bullish rejection of the support levels specified, but the trade produced only minimal profit before being stopped out.

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades must be taken before 5pm New York time today only.

Long Trades

  • Go long after a bullish price action reversal on the H1 time frame following the next touch of $7097.31 or $6815.36.

  • Put the stop loss 1 pip below the local swing low.

  • Adjust the stop loss to break even once the trade is $200 in profit by price.

  • Remove 50% of the position as profit when the trade is $200 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 $7475.80.

  • Put the stop loss 1 pip above the local swing high.

  • Adjust the stop loss to break even once the trade is $200 in profit by price.

  • Remove 50% of the position as profit when the trade is $200 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

The picture is still bullish, as Bitcoin made new all-time high prices over recent days, but the advance seems to have run into some selling around the psychological level of $7500.00. It has become possible to draw a couple of resistance levels not far from the current price, and a deeper bearish retracement looks like it might happen. However, there is nothing for bears to get very excited about yet, as there has not yet been a break of significant support. The important support is being felt now at a confluence of two bullish trend lines and an obvious flipped horizontal level just below $7100.00. If the price breaks below there in a sustained way, there will be trapped longs forced into panic liquidation, and that would be quite likely to drive the price much lower, possible even down to the $6500.00 area. Alternatively, if the price can get established above $7500.00, it will probably continue to rise steadily.

I maintain a bullish bias and do not see any compelling reason to do otherwise.BTCUSD

There is nothing due today concerning the USD.

Adam Lemon
About Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

 

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