BTC/USD Forex Signal - Thursday, Nov. 2

Yesterday’s signals were not triggered, as the price never reached $6314.26.

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades may 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 $6815.36 or the trend line currently sitting at about $6700.00 shown in the chart below.

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

Move the stop loss to break even once the trade is $200 in profit by price.

Take off 50% of the position as profit when the trade is $200 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

Yesterday, I wrote that I maintain a bullish bias and Bitcoin continues to give fantastic long trading opportunities. I again have the same opinion today, and I again hold it even more strongly, as Bitcoin is making new all-time highs very close to $7000.00 at the time of writing. All-time highs in something hot and new like Bitcoin are usually followed by further price rises, so I expect still higher prices. How far this upwards leg will travel is anyone’s guess, because now there is no possible trend line or anything above the current price which can be used as possible resistance – the price is trading in pure, clear blue sky. It could be that round or psychological numbers such as $7000.00 or $7500.00 have an impact, but that is only speculation.

Bullish, bullish, bullish.