BTC/USD Forex Signal - 19 March 2019

Yesterday’s signals were not triggered as the low of the day was slightly higher than the support level I identified at $3,936.

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades may only be taken before and 5pm Tokyo time Wednesday.

Long Trades

  • Long entry at a bullish price action reversal on the H1 time frame following the next touch of $3,936, $3,876 or $3,804.

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

  • Move the stop loss to break even once the trade is $50 in profit by price.

  • Remove 50% of the position as profit when the trade is $50 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 $4,374.

  • Put the stop loss 1 pip above the local swing high.

  • Move the stop loss to break even once the trade is $50 in profit by price.

  • Remove 50% of the position as profit when the trade is $50 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 the picture is now generally more bullish, with no resistance to halt a further advance until $4,374. However, the price action of recent hours has suggested a topping out at about $4,000. It looked likely that the day’s pivotal level would be $3,936 – a strong bounce here and I would take a bullish bias.

This was a very good call as the low of the day was just slightly above that support. I say the picture now looks more bullish still, with the short-term price action telegraphing that higher prices are likely over the course of today.BTCUSDRegarding the USD, there is nothing of high importance due today.

Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.