BTC/USD Forex Signal - Wednesday, April 18

Yesterday’s signals were not triggered as none of the key levels were reached.

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades must be entered before 5pm Tokyo time, over the next 24-hour period only.

Short Trades

Go short after a bearish price action reversal on the H1 time frame following the next touch of $8,250 or $8,472.

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

Move 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.

Long Trade

Go long after a bullish price action reversal on the H1 time frame following the next touch of $7,758.

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.

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

The price has remained between support and resistance over the past 24 hours. I still had a slight bullish bias yesterday and there is some buying going on. The technical picture is perhaps changing slightly, as the price does not seem to be able to rise, and we might be seeing a topping-out now with lower swing highs, which are starting to hint at a bearish head and shoulders pattern. It is hard to say what is most likely to happen next. I still have a slightly bullish bias as long as the support at $7,758 continues to hold.