BTC/USD Forex Signal

Yesterday’s signals were not triggered, as none of the key levels were reached.

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades may only be taken between 8am New York time Thursday and 5pm Tokyo time Friday.

Long Trades

  • Long entry at a bullish price action reversal on the H1 time frame following the next touch of $4,008, $3,936, or $3,876.
  • 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.

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BTC/USD Analysis

I wrote yesterday that we had a bullish consolidation threatening higher prices, the question was whether sellers or profit-takers would hold the $4,000 area as resistance. If the price could make new highs for about 3 hours, I thought that it will continue higher as the line of least resistance was certainly upwards.

This was a good call as the price did make higher closes, above the key $4,000 level, and continue upwards from there.

The picture remains bullish.

BTC/USD Forex Signal

There is nothing of high importance due today regarding the USD.

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.