BTC/USD Forex Signal - 3 April 2019

|

Yesterday’s signals were not triggered as there was no bearish price action at $4,982.

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades must be entered between 8am New York time Wednesday until 5pm Tokyo time Thursday.

Long Trades

  • Go long at a bullish price action reversal on the H1 time frame following the next touch of $4,836 or $4,374.

  • 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 Trade

  • Go short after a bearish price action reversal on the H1 time frame following the next touch of $5,187.

  • 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.

BTC/USD Analysis

I wrote yesterday that the picture was now relatively bullish but of course with such a strong increase in volatility, we were also likely to get deep pullbacks. I thought the price would probably need to stabilize before it would advance again firmly. This wasn’t the right call as the price did advance again, and again reached prices above the psychologically important $5,000 level. There is a new higher probable support level, and the price action is bullish, so it probably makes sense to look for long trades here today above $4,836 but of course it may take some more time before the bulls can really exceed the $5,000 area which is capped at $5,187.BTCUSDThere is nothing of high importance due today concerning the USD.

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.
Learn more from Adam in his free lessons at FX Academy