BTC/USD Forex Signal - Tuesday, April 3

Yesterday’s signals were not triggered, as there was insufficiently bearish price action at $7,335.

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades must be taken between 8am New York time and 5pm Tokyo time, over the next 24-hour period only.

Short Trade

Short entry after a bearish price action reversal on the H1 time frame following the next touch of $8,271.

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.

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.

Long Trade

Long entry after a bullish price action reversal on the H1 time frame following the next touch of $6,739.

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.

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

I wrote yesterday that I was keeping my bearish bias but would become more bullish if the price can get established above $7,335. The price has risen over recent hours and is currently struggling to break up above this resistant area around $7,335. That means that the opportunity here has probably already played out, and that it is hard to see what the next likely move would be, so I take no bias today. It will probably be wise to stand aside from trading Bitcoin today. The technical picture is less bearish, which is also due to the new higher support level which is becoming more obvious at about $6,739.