Yesterday’s signals were not triggered as there was no bearish price action at $3934.00.

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades may only be entered until 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 $3978.85 or $3600.00.

  • 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.

    • Short Trade 1

  • Short entry after a bearish price action reversal on the H1 time frame following the next touch of $4187.57.

  • Place the stop loss 1 pip above the local swing high.

  • 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.

    BTC/USD Analysis

    I thought that yesterday was not going to be a good day for buying this pair, but it was. The price managed to end the day above two new resistance levels, and the situation now looks much more bullish. There is new support established not far away at $3978.85 and the double bottom at $3600.00 could become a triple bottom if tested again. The resistance above at $4187.57 is intact, and volatility is decreasing. This suggests a consolidation between the nearest support and resistance levels is the most likely short-term scenario. Whichever level is clearly broken first, will probably be an important clue as to medium-term direction. Note that if the resistance holds and the price falls, the price will then be in a downwards channel.

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