BTC/USD Forex Signal

Tuesday, 13 February 2018 10:33

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

Today’s BTC/USD Signals

Risk 0.50% per trade.

Trades must be taken before 5pm Tokyo time, within the next 24-hour period.

Long Trade

  • Long entry after a bullish price action reversal on the H1 time frame following the next touch of the supportive trend line currently sitting at about $8,000.

  • 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 Trade

  • Short entry after a bearish price action reversal on the H1 time frame following the next touch of $9,508.

  • 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

Yesterday I took a bullish bias, which was correct for a few hours, until the price made a decisive reversal at a confluence of two trend lines just below $9,000. I now have no directional bias, as the bulls and bears look equally strong over the medium term, although over the short term it looks as if the price will continue to the lower triangle trend line, which is shown in the price chart below as sitting at about $8,000.BTCUSD

There is nothing due today concerning the USD.

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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