Last Thursday’s signals were not triggered, as none of the key levels were ever reached.
Today’s BTC/USD Signals
Risk 1.00% per trade.
Trades may be entered at any time.
Long Trade
Long entry after a bullish price action reversal on the H1 time frame following the next touch of $11,815, $11,400 or $10,681.
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.
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 Trades
Short entry after a bearish price action reversal on the H1 time frame following the next touch of $14,058, $14,953 or $15,548.
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.
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
There are initial signs that the spectacular cryptocurrencies boom may be coming to a major pause, or at least an end. All the major cryptocurrencies have been falling in value over recent days, and Bitcoin has fallen the most of all relative to its all-time high price close to $20,000. Volatility is decreasing, and the price is now drifting between the supportive trend line shown in the price chart below and increasingly lower key resistance levels which are forming. I see the trend line as very important: if it holds, the price will probably make a meaningful rise soon, while if it breaks down we are heading for a very important area of support above the key round number of $10,000 which would also represent a key 50% retracement area from the all-time high close to $20,000. I have no directional bias, but there is likely to be an important opportunity here soon, or at least information which will tell us whether crypto remains hot or not.
There is nothing important due today concerning the USD. It is a public holiday in the U.S.A. today.