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 must be taken before 5pm Tokyo time Wednesday.

Long Trade

  • Go long at a bullish price action reversal on the H1 time frame following the next touch of $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 $5,235, $5,355, or $5,513.
  • 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 wrote yesterday that there was no long-term trend, but the longer the price stayed below $5,235 the more bearish I would be. We just had a day where the price hardly moved, just consolidated quietly in the same price area slightly below that resistance level, so I am a little more bearish today. Just like yesterday, I would take a bearish bias if there is a solid bearish rejection of the resistance at $5,235 later today.

btcusd

Regarding the USD, there will be there will be a release of CB Consumer Confidence data at 3pm 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.