BTC/USD Forex Signal - 13 June 2019

Adam Lemon

Bitcoin: More bullish above $8,000

Yesterday’s signals were not triggered, as there was no bearish price action at $8,153.

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades may only 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 or $7,930, $7,754 or $7,463.

  • 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 $8,340 or $8,610.

  • 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 big picture here was a consolidation pattern between $7,463 and $8,143. If the price could get established above $8,153 and begin to use it as higher support, I would take a bullish bias. This was a good call insofar as I was right to look to the bullish direction, with the former resistance level nearby becoming invalidated, although the new higher support is now at $8,071 and not $8,153.

I take a weakly bullish bias and would enter a long trade if we get a strong bullish bounce at either $7,930 or $7,754. If the price can get established above $8,340 that would be a very bullish sign and indicate that we will probably see a break of the multi-month high close to $9,000 soon.BTCUSDThere is nothing important due today concerning the USD.

About the Author
Adam Lemon

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

Currency Pairs:
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