Yesterday’s signals were not triggered, as none of the key levels were ever reached.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades may only be taken between 8am London time and 5pm Tokyo time, 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 $6,353, $6,263, or $6,171.
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 Trades
Short entry after a bearish price action reversal on the H1 time frame following the next touch of $6,679 or $6,811.
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 the best that could be said was that the longer the price remained above $6,353, the more likely it was to rise eventually, but it looked like it could easily go sideways for a while yet, so I had no interest in this pair today. This was a good call as the pair has just continued to go sideways, so I must repeat what I said yesterday as there is nothing else to say except the longer the price remains flat, the stronger the eventual breakout will be when volatility finally does increase.
There is nothing important due today regarding the USD.