Yesterday’s signals were not triggered, as neither of the key levels identified were reached yesterday.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades must be entered prior to 5pm Tokyo time today only.
Long Trade
Go long after a bullish price action reversal on the H1 time frame following the next touch of $3,274.
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 ride.
Short Trades
Go short after a bearish price action reversal on the H1 time frame following the next touch of $3,428 or $3,470.
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 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 yesterday that there was little change to the evenly balanced picture, maybe the picture had become slightly more bullish as higher swing lows were being made. In fact, the price has made a bearish turn and printed two new lower levels of resistance. The USD is also generally strong. For these reasons, I would take a bearish bias below the $3,340 today.
Regarding the USD, the Chair of the Federal Reserve will be making a minor speech at Midnight London time.