Last Thursday’s signals were not triggered as neither of the key price levels were reached during that session.
Today’s BITCOIN/USD Signals
Risk 0.75% per trade.
Trades may only be entered by 5pm New York time today.
Long Trades
- Long entry after a bullish price action reversal on the H1 time frame following the next touch of $4185.67, $4041.91 or $3985.44.
- Place the stop loss 1 pip below the local swing low.
- Adjust 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 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.
BITCOIN/USD Analysis
The price rose strongly at the end of last week, but narrowly failed to make a new all-time high. The price pulled back over the weekend, but has bounced bullishly over recent hours from the new flipped support level at $4185.67, although the rise from there has not been stronger than the previous fall, so it is not fully convincing.
The long-term outlook and trend are certainly bullish, and new all-time high prices look probable over the next week or so. However, for two weeks now the price has remained within a wide range, and a gently bearish trend line can even be drawn connecting the two recent major swing highs. If the price fails to make a new high beyond these soon, and if the support levels at $4185.67 and $4041.91 do not hold up, this will be a sign that the pair is due a deeper, major bearish correction.
There is nothing due today regarding the USD.