Bitcoin/USD Forex Signal - 13 September 2017

13 September 2017 9:17:16 AM

Yesterday’s signals were not triggered, as none of the key levels were reached during the specified session.

Today’s BITCOIN/USD Signals

Risk 0.75% per trade.

Trades must be taken before 5pm New York time today only.

Long Trade 1

  • Long entry after a bullish price action reversal on the H1 time frame following the next touch of $3600.00.
  • 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.

Short Trade 1

  • Short entry after a bearish price action reversal on the H1 time frame following the next touch of $4380.89.
  • Place the stop loss 1 pip above the local swing high.
  • 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.

BTC/USD Analysis

I wrote yesterday that Bitcoin was looking more bullish after failing to break down below the key support area centred on $4000.00. However, after just missing the key resistance level of $4380.89, the price fell sharply, and is not only trading below $4000.00 but seems also to be eroding the support level at $3974.75. However, we are getting some bullish price action now, so it might be that this price area will hold. Yet the situation is more bearish, and if the price cannot rise soon, it looks set to fall strongly to at least $3600.00 and possibly even lower.

It is starting to look more certain that Bitcoin is in a clear bear market.BTCUSD

Regarding the USD, there will be a release of PPI data at 1:30pm London time, followed by Crude Oil Inventories at 3:30pm.

Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment. Learn more from Adam in his free lessons at FX Academy.

DailyForex Newsletter
0 User Reviews

Registration is required to ensure the security of our users. Login via Facebook to share your comment with your friends, or register for DailyForex to post comments quickly and safely whenever you have something to say.

Log in | Create a DailyForex.com Account Now