Yesterday’s signals were not triggered, as there was no bullish price action when the price reached $6,563.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades may be taken until 5pm Tokyo time, during the next 24-hour period only.
Long Trade
Long entry after a bullish price action reversal on the H1 time frame following the next touch of $6,538.
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
Short entry after a bearish price action reversal on the H1 time frame following the next touch of $6,268.
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
I wrote yesterday that if the former resistance at $6,563 held for a while, we were likely to see another upwards push, so I took a mildly bullish bias. This did not work out so well as the level did not hold up and the price moved down, but I was right to see that level as pivotal. I have adjusted it slightly, but it should now act as resistance. Despite the new lower resistance, the action still looks relatively bullish, but I have no directional bias today. The price needs more time and more bullish action before it can become possible to be more confidently bullish.
There is nothing important due today concerning the USD. It is a public holiday in the USA.