Technical Analysis Free Forex Signals BTC/USD Forex Signal BTC/USD Forex Signal Monday, 3 December 2018 12:52 Share 0 Tweet 0 Pin it 0 +1 Last Thursday’s signals produced a profitable short trade following the bearish engulfing candlestick structure which rejected the resistance level at $4,374. Today’s BTC/USD Signals Risk 0.75% per trade. Trades must be entered between 8am London time and 5pm Tokyo time today. Long Trades Long entry after a bullish price action reversal on the H1 time frame following the next touch of $3,870 or $3,338. 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 Go short after a bearish price action reversal on the H1 time frame following the next touch of $4,055 or $4,374. 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 last Thursday that the action looked quite bullish, but the price would need to trade above the key resistance at $4,374. I was ready to take a bullish bias above that level. This wasn’t a bad call as the level has produced the high price ever since, so it was the key pivotal level of the day. The price now is hard to call: it is medium and long-term bearish but over the short-term seems to be close to making a bullish term. The key things to watch out for are whether the medium-term trend line shown in the chart below holds, and also whether the support at $3,870 holds. I would be bearish if the price trades below that latter level for a couple of hours. Regarding the USD, there will be a release of ISM Manufacturing PMI 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.