Yesterday’s signals were not triggered as there was no bullish price action at $9,886.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades may only be entered until 5pm Tokyo time, during the next 24-hour period.
Long Trades
Go long after a bullish price action reversal on the H1 time frame following the next touch of $9,375.
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.
Short Trades
Go short after a bearish price action reversal on the H1 time frame following the next touch of $10,131 or $10,696.
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.
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 wrote yesterday that the price was looking most likely to continue downwards to an area below $10,000, so I had a bearish bias. The price did move down, invalidating the first support level but leaving intact the level at $9,374. The price is rising at the time of writing, testing the resistance at $10,131 which is showing initial signs of holding. I have only a slight bearish bias as the buying is quite bouncy near the support level at $9,375, but it would not be a surprise if the resistance at $10,131 holds.
There is nothing due regarding the USD.