Today’s BTC/USD Signals

Risk 1.00% per trade.

Trades can be entered at any time.

Long Trades

  • Go long after a bullish price action reversal on the H1 time frame following the next touch of $10,859 or the supportive trend line shown in the price chart below currently sitting at about $10,175.
  • Put 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 Trade

  • Go short very carefully after a bearish price action reversal on the H1 time frame following the next touch of the resistant trend line shown in the price chart below currently sitting at about $11,867.
  • Put 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 yesterday that the picture was looking more bullish, with the price likely to remain bounded between $10k and $12k. This turned out to be correct, as the price has continued to rise a little, and the supportive trend line shown in the price chart below continues to hold, so I am a little more bullish today.

    I have a slightly bullish bias. The price looks more likely to rise than fall, but the closest bearish trend line is making its presence felt, and the price is falling over recent hours. If the price reaches the new support level at $10,859 it should be an interesting test, not to mention the trend line and the big psychological level at $10,000.

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