My previous BTC/USD signal yesterday was not triggered.
Today’s BTC/USD Signals
Risk 0.50% per trade.
Trades must be taken prior to 5pm Tokyo time Friday.
Long Trade Ideas
Go long after a bullish price action reversal on the H1 timeframe following the next touch of $69,038, $68,251, or $66,616.
Place the stop loss $100 below the local swing low.
Move the stop loss to break even once the trade is $100 in profit by price.
Take off 50% of the position as profit when the trade is $100 in profit by price and leave the remainder of the position to ride.
Short Trade Ideas
Go short after a bullish price action reversal on the H1 timeframe following the next touch of $70,870 or $72,907.
Place the stop loss $100 above the local swing high.
Adjust the stop loss to break even once the trade is $100 in profit by price.
Take off 50% of the position as profit when the trade is $100 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
In my last BTC/USD forecast yesterday, I thought that the price was likely to fall to the nearest support level at $72,907.
I thought we might get a long trade there from a bullish bounce.
I was correct about the price falling but wrong about the long opportunity.
The price has kept moving lower and now looks to be heading for the support level at $69,038.
That level looks like it could be pivotal as it has acted as strong support recently.
I think the best trade which might set up today would be a short trade from a bearish reversal at the resistance level of $70,870 targeting the support level at $69,038. When that support level is hit, protect profit.
In terms of deeper analysis beyond technical, there is not much to say about Bitcoin these days. The euphoria is fading and people are starting to see it as just another asset, which is a healthy development.
https://www.tradingview.com/chart?symbol=COINBASE%3ABTCUSD
There is nothing of high importance due today regarding Bitcoin. Concerning the US Dollar, there will be a release of Unemployment Claims data at 12:30pm London time.
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