Yesterday’s signals were not triggered as none of the key levels were ever reached.

Today’s BITCOIN/USD Signals

Risk 0.75% per trade.

Trades may only be entered between 8am London time and 5pm New York time today.

Long Trades

  • Long entry after a bullish price action reversal on the H1 time frame following the next touch of $4500.00, $4400.00, or $4185.67.
  • Place the stop loss 1 pip below the local swing low.
  • Adjust the stop loss to break even once the trade is $50 in profit by price.
  • Take off 50% of the position as profit when the trade is $50 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.

    BITCOIN/USD Analysis

    The price made another new all-time high yesterday, the first one in over 1 week. The situation can only be described as extremely bullish in every way. There are new obvious support levels confluent with major round numbers nearby at both $4500.00 and $4400.00. The price has risen by more than 25% within the last week alone, but it has shown no real sign of getting ready for a serious pull-back yet. Every sign points to still higher prices. It is possible $5000.00 could see at least a temporary halt to the advance, being such a large and potentially psychologically significant round number, but I see no attractive short trade on the horizon yet.

    Regarding the USD, there will be a release of the ADP Non-Farm Employment Change forecast at 1:15pm London time, followed by Preliminary GDP data 15 minutes later, and then finally Crude Oil Inventories numbers at 3:30pm.

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