BTC/USD Forex Signal

Wednesday, 14 March 2018 10:27

Yesterday’s signals were not triggered, as the price never reached the key resistance level at $9,420.

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades must be taken by 5pm Tokyo time, over the next 24-hour period only.

Short Trades

  • Short entry after a bearish price action reversal on the H1 time frame following the next touch of $9,420 or $10,131.

  • Place the stop loss 1 pip above the local swing high.

  • Move 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

I had a bearish bias yesterday, and the price did fall slightly. There is no change at all to the technical picture here: it still looks bearish, with no key support anywhere nearby and nothing really to hold the price up except some general buying below $9,000. This area might still hold but the price is looking a little heavier as it continues to fail to rise, being held down by the nearby resistance level at $9,420. Another failure at that level followed by a sharp move down could be a good short trade entry opportunity. I maintain my bearish bias today.


Regarding the USD, there will be a release of Retail Sales and PPI data at 12:30pm London time, followed later by Crude Oil Inventories at 2:30pm.

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.

DailyForex Newsletter
0 User Reviews

Registration is required to ensure the security of our users. Login via Facebook to share your comment with your friends, or register for DailyForex to post comments quickly and safely whenever you have something to say.

Log in | Create a Account Now