BTC/USD Forex Signal - Thursday, Nov. 16

Yesterday’s signals were not triggered, as there was insufficiently bearish price action at $6951.34.

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades may only be taken from 8am London time until 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 $6951.34, $6815.36, $6333.72, or $5638.48.

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.

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 next key level would be $6951.34, and that a proper break up above that level would signify a more bullish outlook. The price did briefly turn down a little when the level was reached, but it broke quickly, and the price went on to move up from there. This presents a more bullish picture, with no obvious resistance levels above, and the all-time high made last week at $7888 in sight again. Despite the lack of obvious levels, the price could fail and turn bearish again at the psychologically important level of $7500, or at the all-time high of $7888.

I am very bullish and would be very happy to look for a long trade at a bullish bounce from any of the nearby support levels, especially $6951.34.