BTC/USD Forex Signal - 10 October 2019

Adam Lemon

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.

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.

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

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