Bitcoin/USD Forex Signal

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 must be taken before 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 $4185.67, $4041.91 or $3985.44.

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

Move the stop loss to break even once the trade is $50 in profit by price.

Remove 50% of the position as profit when the trade is $50 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.

BITCOIN/USD Analysis

There has been little change from yesterday’s situation. The price has still not made a new all-time high, but broadly rose yesterday, although not by much. The rise is not very convincing and with the dropping off in volatility, the price might begin a period of consolidation. It is still within last week’s range.

The long-term outlook and trend remain bullish, and new all-time high prices still look probable over the next week or so. However, for two weeks now the price has remained within a wide range, and a gently bearish trend line can even be drawn connecting the two recent major swing highs. If the price fails to make a new high beyond these soon, and if the support levels at $4185.67 and $4041.91 do not hold up, this will be a sign that the pair is due a deeper, major bearish correction.