Technical Analysis Free Forex Signals BTC/USD Forex Signal BTC/USD Forex Signal Tuesday, 27 November 2018 12:19 Share 0 Tweet 0 Pin it 0 +1 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 only. Long Trade Go long after a bullish price action reversal on the H1 time frame following the next touch of $3,338. Place 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 $3,870 or $4,126. Place 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 noted yesterday that price has just made a new 1-year low and has now fallen by more than 80% since last December. I was happy to take a short bias after a bearish rejection of the resistance level at $4,126 later that day. Unfortunately, the high of the day just missed that price by a very small amount. The picture remains bearish with new lower resistance established at $3,870 although there are also signs of the price being support at about $3,600 w2hich makes the picture very slightly less bearish than it was yesterday. I would take a bearish bias if either of the nearby resistance levels are strongly rejected today. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time. Currency Pairs BTC/USD Adam Lemon 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.