BTC/USD Forex Signal

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades must be taken before 5pm Tokyo time Friday.

Long Trades

  • Go long at a bullish price action reversal on the H1 time frame following the next touch of $5,184 or $4,824.
  • Place the stop loss 1 pip below the local swing low.
  • Adjust the stop loss to break even once the trade is $50 in profit by price.
  • Take off 50% of the position as profit when the trade is $50 in profit by price and leave the remainder of the position to ride.

Short Trades

  • Go short after a bearish price action reversal on the H1 time frame following the next touch of $5,345, $5,645, or $5,777.
  • Place the stop loss 1 pip above the local swing high.
  • Adjust the stop loss to break even once the trade is $50 in profit by price.
  • Take off 50% of the position as profit when the trade is $50 in profit by price and leave the remainder of the position to ride.

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 have been taking a medium-term bullish bias here, as long as the price is able to remain above $5,000 which is an important psychological level.

I am still bullish as although the price has been unable to advance beyond the resistance at $5,345 for very long, support continues to hold and $5,000 continues to hold.

I would be happy to take a bullish bias if the price can trade above $5,345 for a couple of hours consecutively today. If $5,184 breaks down, the price is likely to fall at least as far as $5,000.

Today’s pivotal point will probably be $5,345.

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Regarding the USD, there will be a release of Retail Sales data at 1:30pm London time.

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.