BTC/USD Forex Signal - 24 April 2019

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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 entered prior to 5pm Tokyo time Thursday.

Long Trades

  • Long entry at a bullish price action reversal on the H1 time frame following the next touch of $5,441, $5,355, or $5,184.
  • 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 $5,645, $5,777, or $5,950.
  • 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 the price may consolidate now, I would wait until the price got established above $5,645 before taking any new long trades, unless there was a pullback and a strong bullish bounce at $5,355. This was a good call as the price has fallen and is now trading within a wide consolidation after failing to rise above $5,645 but also printing new higher stairstep support at $5,441. I think the price is likely to consolidate between these two levels and may have already bottomed at this new support a couple of hours ago.

A break above $5,645 would be a very bullish sign if it happened today.

btcusd

There is nothing important 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.