BTC/USD Forex Signal - 10 July 2019

Adam Lemon

Bitcoin: Bullish trend continues

Yesterday’s signals were not triggered as there was insufficiently bearish price action at $13,166.

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades must be taken prior to 5pm Tokyo time Thursday.

Long Trade Ideas

  • Go long at a bullish price action reversal on the H1 time frame following the next touch of $12,082, $11,808, or $11,649.

  • 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 Trade Idea

  • Go short after a bearish price action reversal on the H1 time frame following the next touch of $14,256.

  • 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.

BTC/USD Analysis

I wrote yesterday that situation continued to look bullish as $12,383 continued to hold. I thought that if this new support held up, the price was likely to advance to at least $13,166 in line with the long-term bullish trend. I take a bullish bias above this price.

The level at $12,383 did not hold up precisely, but the bullish price action from a little below that saw the price continue to rise over the past day. Note that my resistance level at $13,166 has held almost to the pip: Bitcoin against USD tends to behave very technically, so obvious flipped support and resistance levels tend to hold relatively precisely.

For today, a break above $13,166 would be a very bullish sign, but the price may well fail before reaching the next resistance at $14,256 as the recent high price is between these levels.

I would take a bullish bias if the price will close above $13,166 for a couple of hours consecutively.BTCUSDConcerning the USD, the Chair of the Federal Reserve will be testifying before the House of Congress at 3pm London time, and there will be a release of FOMC Meeting Minutes at 7pm.

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

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1 User comments
Kieran C.
2019-07-11 04:09:44Z

When's the next BTC/USD signal?


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Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

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