Last Thursday’s signals were not triggered, as neither of the key levels were reached during the specified session.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades must be taken between 8am and 5pm New York time today.
Long Trades
- Go long after a bullish price action reversal on the H1 time frame following the next touch of $4218.50 or $4115.86.
- Put 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.
- 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 Trade 1
- Go short after a bearish price action reversal on the H1 time frame following the next touch of $4779.06.
- Put 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.
- 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
The price has now cleared the former resistance level and there are no further key levels to halt the price before $4779.06, although it is possible that the round number at $4500.00 could have an impact. My bullish bias from last week has proved to be correct and there is no reason not to stay bullish, in fact it makes sense to be more strongly bullish, as the price continues to rise and make new highs as at the time of writing. The strength of Bitcoin is also impressive considering we are measuring it here in USD, even as the USD continues to strengthen. I have a bullish bias, without a doubt.
Regarding the USD, there will be a release of ISM Manufacturing data at 3pm London time.