BTC/USD Forex Signal - 10 April 2019

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Last Monday’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 entered before 5pm Tokyo time Thursday.

Long Trades

  • Long entry at a bullish price action reversal on the H1 time frame following the next touch of $4,824 or $4,374.
  • 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 Trades

  • Short entry after a bearish price action reversal on the H1 time frame following the next touch of $5,345, $5,645, or $5,777.
  • 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 last Monday that the price had been held by the resistance at $5,345 and we had a potentially bearish double top which might have formed there, so a sustained break above that level would be a bullish sign. There may also be new higher support at $5,240.

I remained medium-term bullish as long as the price remained above $5,000 which is an important psychological level.

This has kept things bullish, but the price has so far not been able to break the resistance at $5,345. I’d take the same approach today.

btcusd

Regarding the USD, there will be a release of CPI data at 12:30pm London time, and FOMC Meeting Minutes at 6pm.

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.