Today’s BTC/USD Signals

  • Risk 0.75% per trade.
  • Trades must be entered before 5pm Tokyo time Tuesday.

    •  Long Trade Ideas

  • Long entry after a bullish price action reversal on the H1 timeframe following the next touch of $60,765, $59,807, or $58,309.
  • Place the stop loss $100 below the local swing low.
  • Adjust the stop loss to break even once the trade is $100 in profit by price.
  • Remove 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

  • Short entry after a bearish price action reversal on the H1 timeframe following the next touch of $62,013 or $62,907.
  • 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.
  • Remove 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 AnalysisI wrote in my previous BTC/USD analysis last Monday that the best opportunity was likely to be a bullish bounce at $63,000 as a signal for a long trade. The was a good call as the price did turn bullish for the day after finding a bottom in this area.The Bitcoin’s daily technical picture now has become more bearish after the first few days of May which saw Bitcoin make significant gains. The price chart below shows there is a short-term price channel which is pushing the price lower – this is a bearish sign, coupled with the topping out price action near the recent swing high around $65,000.The Dollar is enjoying renewed strength after more hawkish statements from Fed members on inflation and rates, which is another factor pushing down the price.Despite these bearish factors, the best short-term trades may be long ones from the two nearest support levels.Support and resistance levels are nearby and are quite evenly spaced, so price action is liable to become choppy.Regarding the US Dollar, there will be a release of US Unemployment Claims data at 1:30pm London time, followed by the 30-year bond auction at 6:01pm.More By This Author:GBP/USD Forex Signal: Weakly Bullish Consolidation ContinuesForex Today: Stocks Bearish As Markets Await Fed MeetingWeekly Forex Forecast – Sunday, April 21

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