BTC/USD Forex Signal

Tuesday, 17 April 2018 8:39

By: DailyForex.com

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

 

Today’s BTC/USD Signals

Risk 0.75% per trade.

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

 

Short Trades

* Short entry after a strongly bearish price action reversal on the H1 time frame following the next touch of $8,250 or $8,272.

* 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.

 

Long Trade

* Long entry after a bullish price action reversal on the H1 time frame following the next touch of $7,758.

* 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.

 

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. The price is now about where it was 24 hours ago, so the outcome of that has been essentially neutral. I am still inclined towards a bullish bias, as the price has continued to hold up after such a strong upwards movement last week, despite the long-term bearish trend. The problem for the bulls is that the price now faces an area of resistance above. It will probably need to consolidate further before getting enough strength to break above it. Technically, there are buyers below $8,000. I think the price will still need to reach at least $8,250 before it can move down again, so if it hits the support level first and bounces bullishly, that would be likely to be the best possible set-up.

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Regarding the USD, there will be a release of Building Permits data at 1:30pm London time.

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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