Last Thursday’s signals were not triggered, as the bullish price action took place below each of the given levels.
Today’s BTC/USD Signals
Risk 1.00% per trade.
Trades may only be entered until 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 $10680.67, $10074.33, or $8976.34.
· 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
The Bitcoin drama continues. The strong sell-off after $10,000 was breached for the first time was beginning to look like the start of a crash, as the price fell by about 20% in just a few hours, but the area around $9000 held and the price has been moving up healthily since then, and has even made a new all-time high at $11,800. There are several bullish trend lines, all shown in the chart below, which are getting steeper over time.
The price might be making a short-term lower high now, but there is no reason not to be very bullish over both the medium and long-term. I maintain a bullish bias and am optimistic we will see still higher prices soon.
There is nothing due today regarding the USD.