Bitcoin/USD Forex Signal - 14 September 2017

14 September 2017 8:37:09 AM

Yesterday’s signals were not triggered, as neither of the key levels were ever reached.

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades may only be entered between 8am London time and 5pm New York time today.

Long Trade 1

  • Go long after a bullish price action reversal on the H1 time frame following the next touch of $3600.00.
  • Put 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 Trades

  • Go short after a bearish price action reversal on the H1 time frame following the next touch of $4041.33 or $4380.89.
  • Put 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

Bitcoin is looking more bearish still, as it continues to gradually sink and maintain a price below the technically key $4000.00 area. New trend lines can be drawn, as shown in the chart below, it is clear anyway that the price is established within a bearish channel since it made its all-time high price close to $5000.00 about 2 weeks ago. The next tests are the $3600.00 level or the $4000.00 area. If the $3600.00 support breaks down, the price could fall very strongly and sharply. Conversely, if the price can recover and get established above $4000.00, it would be a very encouraging sign for bulls.

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

Regarding the USD, there will be a release of CPI and Unemployment Claims data at 1:30pm London time.

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.

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