Last Thursday’s signals were not triggered, as none of the key levels were reached during that session.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades may only be taken until 5pm Tokyo time today, during the next 24-hour period.
Long Trades
Long entry after a bullish price action reversal on the H1 time frame following the next touch of $7,532 or $7,287.
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 Trade
Short entry after a bearish price action reversal on the H1 time frame following the next touch of $7,825.
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
Last Thursday I had a bullish bias above $7,391. It was not much use that day, but since then the price has continued to advance steadily even though the move looks fragile. The technical picture is weakly bullish despite the long-term bearish trend, with a new zone of key higher support confluent with the psychological level at $7,500. That support is likely to be pivotal today, we have had a bounce a couple of hours ago, but it is not very convincing. Today I am bullish above $7,352 and bearish below that. Alternatively, a short trade from $7,825 looks attractive due to confluence with the trend line shown in the price chart below.
There is nothing due today concerning the USD.