BTC/USD Forex Signal – Monday, August 27

Last Thursday’s signals were not triggered, as none of the key levels were ever reached that day.

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades must be taken before5pm Tokyo time, over the next 24-hour period only.

Long Trades

Go long after a bullish price action reversal on the H1 time frame following the next touch $6,569 or $6,170.

Place the stop loss 1 pip below the local swing low.

Adjust the stop loss to break even once the trade is $200 in profit by price.

Take off 50% of the position as profit when the trade is $200 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 $6,805 or $7,266.

Place the stop loss 1 pip above the local swing high.

Adjust the stop loss to break even once the trade is $200 in profit by price.

Take off 50% of the position as profit when the trade is $200 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 last Thursday that Bitcoin was back to a dull, ranging situation, with no real long-term trend or trend on any time frame. While there have still not been any very strong movements, there is definitely a move towards a more bullish picture and a slow, medium-term bullish trend. For this reason, I take a weakly bullish bias today above the support level at $6,569. I would be strongly bullish if the price can get established above the resistance level at $6,805 which looks like being the key pivotal level for today. Above that resistance, the price has room to rise significantly higher.