Yesterday’s signals were not triggered, as there was no bullish price action at $7097.31.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades may only be entered until 5pm New York time today.
Long Trade 1
Go long after a bullish price action reversal on the H1 time frame following the next touch of $6815.36.
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 $7397.34 or $7475.80.
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
The picture is less bullish, but still bullish overall. The price action of the past few hours suggests that the price is going to break out above the short-term bearish trend line shown in the chart below and rise further beyond that. On the bearish side, note that a recent higher support level has been invalidated. It is possible that the price might reverse at the trend line and take out the recent lows, but even if this happens, the support at $6815 is still likely to hold. If it were to break down, that would be a more strongly bearish sign that the price might be undergoing a more serious bearish pullback.
I maintain an overall bullish bias, but am not as confident about buying as I was a few days ago.
There is nothing important due today concerning the USD.