BTC/USD Forex Signal

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 may only be entered until 5pm Tokyo time Friday.

Long Trades

  • Long entry at a bullish price action reversal on the H1 time frame following the next touch of $3,816 or $3,552.

  • 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 $3,969.

  • 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 if the price could trade above $3,859 for a couple of hours and show some bullish momentum there, I would take a cautiously bullish bias. If the price settled above $4,000 that would be a very bullish sign. I thought that the pivotal level was likely to be $3,859 but a move down from there was unlikely.

I was perhaps slightly correct, as the price has mostly risen after finally getting to an area above $3,859, but this bullish move is weak and there is selling every time the price approaches the $3,900. However, we do have new higher support at $3,816 which looks relatively likely to be today’s pivotal level. If we get a bullish bounce there later, I would take a bullish bias.BTCUSDThere 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.