Yesterday’s signals were not triggered, as there was insufficiently bearish price action at $8,357.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades may only be entered before 5pm Tokyo time, during the next 24-hour period.
Short Trades
Go short after a bearish price action reversal on the H1 time frame following the next touch of $8,800 or $9,420.
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.
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.
Long Trade
Go long after a bullish price action reversal on the H1 time frame following the next touch of $8,092.
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.
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
I had a slightly bearish bias yesterday, as I saw the inability to break above $8,357 as clearly a bearish sign, even though a new support level had been established just above $8,015. Above $8,357 it starts to look much better for bulls. My bias was a little wrong, the price has moved up very slightly, and has invalidated and broken above the former resistance level at $8,357. However apart from that, there very little to the technical picture, with the next resistance level not far away at $8,800, although I adjust the key support level slightly, so it now stands slightly higher at $8,092. I take no directional bias today and I think rejections of either support or resistance are equally likely to provide opportunities.
There is nothing due today regarding the USD.