Last Thursday’s signals were not triggered, as none of the key levels were reached that day.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades may only be entered prior to 5pm Tokyo time Tuesday.
Long Trades
- Long entry at a bullish price action reversal on the H1 time frame following the next touch of $5,184 or $4,824.
- Put the stop loss 1 pip below the local swing low.
- Move the stop loss to break even once the trade is $50 in profit by price.
- Remove 50% of the position as profit when the trade is $50 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 $5,345, $5,645, or $5,777.
- Put the stop loss 1 pip above the local swing high.
- Move the stop loss to break even once the trade is $50 in profit by price.
- Remove 50% of the position as profit when the trade is $50 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 last Thursday that I was still bullish as although the price had been unable to advance beyond the resistance at $5,345 for very long, support continued to hold and $5,000 continued to hold.
I thought that the day’s pivotal point would probably be $5,345.
This was a good call overall as the resistance at $5,345 held and kept the price down, although the residual bullishness also kept the price above the support level at $5,184 which remains intact today. Therefore, I am cautiously bullish above $5,184 and I would be fully bullish above $5,345. I would be cautiously bearish if the price trades below $5,184 later for a couple of hours.
There is nothing important due today regarding the USD.