Yesterday’s signals were not triggered, as there was no bullish price action at $8,436.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades may be taken before 5pm Tokyo time today, over the next 24-hour period only.
Long Trades
Go long after a bullish price action reversal on the H1 time frame following the next touch of $8,166 or $8,051.
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 bullish price action reversal on the H1 time frame following the next touch of $8,351 or $8,436.
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 I would have a bullish bias if the price could break out convincingly above $8,593. The price failed to do so and turned much more bearish, so I was correct to see it as a pivotal point. The move down over the past day has taken a classic “stairstep” pattern which is always a sign of a convincing movement. I take a bearish bias as it looks quite likely that there is room and momentum for the price to fall further. The support level at $8,051 looks like to be especially strong.
There is nothing due today concerning the USD.