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 must be entered before 5pm Tokyo time today, during the next 24-hour period only.
Long Trade
Long entry after a bullish price action reversal on the H1 time frame following the next touch of $6,171.
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 $6,289 or $6,353.
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
I wrote yesterday that technical picture here was now considerably more bearish, with the price selling from new lower resistance which has formed at $6,289 and there was a case for seeing the long-term bearish trend reassert itself.
I sae reversals in either direction at any key levels nearby as potentially good trade setups. I thought that the price was most likely to move downwards over the day. This wasn’t a bad call as although the price has traded sideways, the picture still looks bearish as the new lower resistance is clearly holding and impacting the price.
I would be bearish today below about $6,230 or if we get a retracement and bearish rejection of the resistance level overhead at $6,289.
There is nothing due today regarding the USD.