Last Thursday’s signals were not triggered, as none of the key levels were reached that day.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades may be taken before 5pm Tokyo time, over the next 24 hours only.
Long Trade
Go long after a bullish price action reversal on the H1 time frame following the next touch of $10,164.
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
Go short after a bearish price action reversal on the H1 time frame following the next touch of $11,380 or $11,531.
Put 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
I had a bearish bias at the end of last week, and this has proven to be a correct course of action. The price has continued to advance, and the surprising recovery of Bitcoin continues. The area at $10,000 was not enough to halt the advance for long. The picture has become more bullish still, though not dramatically so, and the recent climax just under the old resistance levels shown in red on the price chart below suggests that the price may find it hard to break above the top of the chart, at least for a while. I maintain my bullish bias and see a good opportunity to enter a long trade on a possible pull back to the nearest support at $10,164. The trend line just above that could also work but would be less reliable.
There is nothing due today concerning the USD. It is a public holiday in the U.S.A.