BTC/USD: Room to rise to $10k+
Yesterday’s signals were not triggered as the price never reached $9,117.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades must be taken prior to 5pm Tokyo time Friday.
Long Trade Ideas
Go long after a bullish price action reversal on the H1 time frame following the next touch of $9,522, $9,117, or $8,802.
Place 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 Trade Idea
Go short after a bullish price action reversal on the H1 time frame following the next touch of $10,440.
Place 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 yesterday that the area of support at $9,117 still looked somewhat pivotal, but perhaps a little less likely to break down now. I wanted to stand aside from trading this pair for the day as the price action was looking muddled.
This wasn’t a great call although I was correct about $9,117 being pivotal.
The price rose quite strongly yesterday, continuing its 2020 bullish trend, and establishing new flipped resistance to support at $9,522. As long as this level holds up, the outlook will continue to be bullish, due to the bullish trend and also to the fact that the price has room to rise to at least $10,000 before it will meet any obvious resistant area or level.
There is nothing of high importance due today concerning the USD.