BTC/USD Forex Signal - Tuesday, Oct. 31

Yesterday’s signals were not triggered, as there was no bullish price action at $6139.00.

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 entry into the zone between $6027.52 and $6000.00.

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

The price has held up, not really managing to rise any further, but the picture still looks very bullish with the price now looking like it is consolidating ahead of a further rise. I have lowered the nearest support zone, which is now very clearly centred on the round number at $6000.00, but it could be the price will dip close to it before taking off, never quite touching the round number, so be prepared for a slightly earlier long trade entry if there is a sharp bullish turn in that area.

As the picture is so strongly bullish, I would not look for a short trade anywhere now, but it can be noted technically that the area around $6400.00 sees an important trend line which could provide some resistance, so it should be a logical area at which to take at least partial profit on any successful long trade.

I maintain a bullish bias and Bitcoin continues to give fantastic long trading opportunities.