BTC/USD Forex Signal - 12 September 2018

DailyForex.com Team

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades may only be entered before 8am London time and 5pm Tokyo time, during the next 24-hour period.

Long Trades

Long entry after a bullish price action reversal on the H1 time frame following the next touch of $5,950 or $5.600.

Put the stop loss 1 pip below the local swing low.

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.

Short Trades

Short entry after a bearish price action reversal on the H1 time frame following the next touch of $6,700 or $7,400.

Put 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

The Bitcoin had barely moved during the last 24 hours. Therefore, there is no change in my technical outlook for this pair, which continue to move in a tight range until a strong incentive appears in the market. The pair's proximity to the support level at $6000 affects bulls, especially considering the loss of momentum in the cryptocurrencies market led by the Bitcoin. Bitcoin’s market value is currently stable at around $110 billion.

BTCUSD

Regarding the USD, there will be the release of PPI data and crude oil inventories.

About the Author
DailyForex.com Team
The DailyForex.com team is comprised of analysts and researchers from around the world who watch the market throughout the day to provide you with unique perspectives and helpful analysis that can help improve your Forex trading.
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