Last Thursday’s signals were not triggered, as none of the key levels were reached that day.
Today’s BTC/USD Signals
Risk 0.50% per trade.
Trades must be taken prior to 5pm Tokyo time Tuesday.
Long Trade Ideas
Go long after a bullish price action reversal on the H1 time frame following the next touch of $15,144, $14,946, $14,571, or $14,258.
Place the stop loss $50 below the local swing low.
Move the stop loss to break even once the trade is $50 in profit by price.
Take off 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 bearish price action reversal on the H1 time frame following the next touch of $17,901.
Place the stop loss $50 above the local swing high.
Move the stop loss to break even once the trade is $50 in profit by price.
Take off 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 there were many signs indicating bullishness on Bitcoin and I was ready to take a long trade from any bullish bounce at key support. While we never got the necessary retracement, I was correct to look to the long side, as the price has risen higher since last Thursday morning.
The price chart below has been readjusted to show not only the several new higher support levels which have been printed below the current price, but also the fact that there are no valid key resistance levels for a long, long way above. This means the price has a great deal of room to rise higher.
Another bullish sign is that the price has got established above the major round number and psychological level at $15,000.
I take a bullish bias on Bitcoin, which is also being boosted by the improvement in global risk sentiment we have seen over recent days.
Bitcoin is likely to continue its long-term bullish trend and break to new multi-month high prices.
I will enter a long trade if we get two consecutive hourly closes above $16,000 today.
There is nothing of high importance due today regarding the USD.