Yesterday’s signals were not triggered as there was no bearish price action at $6,805.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades may only be entered before5pm Tokyo time, during the next 24-hour period only.
Long Trades
- Long entry after a bullish price action reversal on the H1 time frame following the next touch of $6,805 or $6,570.
- Put 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 $7,266.
- Put 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 there had definitely been a move towards a more bullish picture and a slow, medium-term bullish trend. For that reason, I took a weakly bullish bias above the support level at $6,569, noting thatabove $6,805 the price had room to rise significantly higher. This was a good call as the price remained above $6,569 and continued to rise, breaking also above the former resistance level at $6,805 which has now probably flipped to become support. I take a bullish bias today above $6,805.
There is nothing important due today regarding the USD.