Technical Analysis Free Forex Signals BTC/USD Forex Signal BTC/USD Forex Signal Thursday, 31 January 2019 11:20 Share 0 Tweet 0 Pin it 0 Yesterday’s signals produced a losing trade from the bearish pin candlestick which rejected the resistance level at $3,450. Today’s BTC/USD Signals Risk 0.75% per trade. Trades may only be taken until 5pm Tokyo time today. Long Trade Long entry after a bullish price action reversal on the H1 time frame following the next touch of $3,274. 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 run. Short Trade Short entry after a bearish price action reversal on the H1 time frame following the next touch of $3,470. 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 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 a bullish break above $3,450 over the next few hours would probably be a significantly bullish sign due to the bullish “over and under” price action formation, so I would take a bullish bias if the price traded above that level today for a couple of hours. This was a bad call, although the price barely did trade above the level before falling back. The price is now back below the resistance which I’ve readjusted upwards to $3,470. The price looks likely to fall further following this failure to get established above the resistance, but there may well be support at about $3,360. There is nothing of high importance due today regarding the USD. 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.