BTC/USD Forex Signal

|

Bitcoin: Short-term bullish above $8,533

Today’s BTC/USD Signals

Risk 0.75% per trade.

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

Long Trade Ideas

  • Long entry after a bullish price action reversal on the H1 time frame following the next touch of $8,533, $8,048, or $7,754.

  • Place 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 Ideas

  • Short entry after a bearish price action reversal on the H1 time frame following the next touch of $8,893 or $9,073.

  • Place 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.

Advertisement
Great trade opportunities are waiting - don't wait to profit from this pair!
TRADE NOW

BTC/USD Analysis

We finally got a bearish breakdown from an area of consolidation a few days ago. This went about as far as the important psychological level of $7,750 before beginning a deep bullish retracement. This retracement should logically reach as high as the $9,000 area and may well continue to $10,000 or even higher.

Today’s pivotal point is very likely to be $8,533. It is more significantly bullish above that level than it would be significantly bullish below it.BitcoinRegarding the USD, there will be a release of CPI (inflation) data at 1:30pm.

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.