Technical Analysis Free Forex Signals BTC/USD Forex Signal - 9 January 2018 BTC/USD Forex Signal - 9 January 2018 Tuesday, 9 January 2018 12:37 Share 0 Tweet 0 Pin it 0 +1 By: DailyForex.com Yesterday’s signals gave a long trade from the bullish doji candlestick which rejected the support level identified at $14,222 – however it would already have been stopped out at break even. Today’s BTC/USD Signals Risk 1.00% per trade. Trades must be taken before 5pm Tokyo time, during the next 24 hours only. Long Trade · Go long after a bullish price action reversal on the H1 time frame following the next touch of $14,222. · 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. · Take off 50% of the position as profit when the trade is $200 in profit by price and leave the remainder of the position to ride. Short Trades · Go short after a bearish price action reversal on the H1 time frame following the next touch of $15,548 or $17,900. · 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. · Take off 50% of the position as profit when the trade is $200 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 was correct yesterday in seeing the level at $14,222 as extremely attractive for a long trade. Unfortunately, the bullish move did not take off strongly and lost momentum quite quickly. The technical picture is unchanged, with the price in a wide and gently bullish channel. The consolidative mood is still there, with the major cryptocurrency action now in Ethereum, which is making new all-time high prices. On Bitcoin, I have a slightly bullish bias. There is nothing important due today regarding the USD. Currency Pairs BTC/USD Adam Lemon 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.