BTC/USD Forex Signal - 8 March 2018

Yesterday’s signals were not triggered as there was no bullish price action at $9,886.

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades may only be entered until 5pm Tokyo time, during the next 24-hour period.

Long Trades

  • Go long after a bullish price action reversal on the H1 time frame following the next touch of $9,375.

  • 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 $10,131 or $10,696.

  • 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 wrote yesterday that the price was looking most likely to continue downwards to an area below $10,000, so I had a bearish bias. The price did move down, invalidating the first support level but leaving intact the level at $9,374. The price is rising at the time of writing, testing the resistance at $10,131 which is showing initial signs of holding. I have only a slight bearish bias as the buying is quite bouncy near the support level at $9,375, but it would not be a surprise if the resistance at $10,131 holds.BTCUSD

There is nothing due regarding the USD.

Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.