Yesterday’s signals produced a long trade from the bullish bounce at $15,144 which is currently in some floating profit at the time of writing.
Today’s BTC/USD Signals
Risk 0.50% per trade.
Trades must be taken before 5pm Tokyo time Thursday.
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 yesterday that due to all technical factors remaining bullish, we were likely to see more upside. I preferred to wait for the breakout, so I was ready to enter a long trade if we had gotten two consecutive hourly closes above $16,000 later.
This was a good and accurate call, as although the price has not broken above $16,000 it is higher than it was this time yesterday.
Despite the slow, steady bullish advance, the price is also still within the technical triangle trendlines which I drew yesterday.
Risk appetite is persisting, the short-term action is bullish, and the price is very close to new multi-month highs. These are all bullish factors and I think it will remain wise to wait for the breakout above the technical triangle and also the round number at $16,000 which may act as resistance as a psychological level.
I will take a long trade if we get two consecutive hourly closes later above $16,000.
There is nothing of high importance due today regarding the USD.