BTC/USD Forex Signal - Tuesday, Nov. 14

Yesterday’s signals were not triggered, as there was no bearish price action when the price reached $6453.29.

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades may only be entered from 8am London time to 5pm New York time today.

Long Trades

Go long after a bullish price action reversal on the H1 time frame following the next touch of $6333.72, $5638.48 or $5409.57.

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.

Remove 50% of the position as profit when the trade is $200 in profit by price and leave the remainder of the position to run.

Short Trade 1

Go short after a bearish price action reversal on the H1 time frame following the next touch of $6815.36.

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.

Remove 50% of the position as profit when the trade is $200 in profit by price and leave the remainder of the position to run.

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 short-lived panic should be ignored, and that the price would be most likely to stabilize with a slightly bullish bias. This is completely validated by the action of the past 24 hours, which has seen the erasure of a lower resistance level, and support and resistance holding at $6333.72 and $6815.36. I maintain a bullish bias in line with the long-term bullish trend, but it is very possible the price will consolidate in this zone for a while. A sustained break above $6815.36 would be a bullish sign, but in the unlikely event that the price gets below $5409.57, that would be a bearish sign.