Last Thursday’s signals were not triggered, as there was no bullish price action at $6,867.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades must be taken before 5pm Tokyo time, over the next 24-hour period only.
Long Trade
Go long after a bullish price action reversal on the H1 time frame following the next touch of $7,128.
Place 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 Trade
Go short after a bearish price action reversal on the H1 time frame following the next touch of $7,685.
Place 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 last Thursday that I would be bullish above $7,100 or at a bullish bounce at $6,867. Neither outcome took place that day. The bullish medium-term trend has continued however, quite steadily, as the price continues to establish higher support levels and break above resistance. Today, it looks as if we are seeing a short-term topping out at $7,300 which looks likely to push the price down to the support level at $7,128. This looks likely to be good support, so a long trade entry there following a bullish bounce is the potential trade to watch for today. I would have a bullish bias above $7,300 or at a bounce at $7,128.
There is nothing important due today concerning the USD. It is a public holiday in the U.S.A. today.