Yesterday’s signals were not triggered, as the bearish price action took place above the resistance level identified at $7397.34.
Today’s BTC/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 $6815.36.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is $200 in profit by price.
Remove 50% of the position as profit when the trade is $200 in profit by price and leave the remainder of the position to run.
Short Trade 1
Short entry after a bearish price action reversal on the H1 time frame following the next touch of $7475.80.
Put the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is $200 in profit by price.
Remove 50% of the position as profit when the trade is $200 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 rose again yesterday, but in recent hours has run into what has become a zone of resistance between and $7397.34 and $7475.80. There are signs that the price might be topping here, and starting a slightly bearish channel, as shown in the chart below. However, there is no reason to turn seriously bearish yet, and I maintain a bullish bias. It is probably not quite the moment to buy yet, unless either the price falls quite a lot and then makes a bullish turn, or makes a strong bullish breakout above $7500.
Regarding the USD, there will be a release of Crude Oil Inventories at 3:30pm London time.