BTC/USD Crypto Signal
|Last Thursday’s signals were not triggered, as none of the key levels were reached that day.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades may only be entered until 5pm Tokyo time, during the next 24-hour period.
Long Trade
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Long entry after a bullish price action reversal on the H1 time frame following the next touch of $7,266.
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Put the stop loss 1 pip below the local swing low.
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Move the stop loss to break even once the trade is $200 in profit by price.
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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.
Short Trade
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Short entry after a bearish price action reversal on the H1 time frame following the next touch of $7,675.
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Put the stop loss 1 pip above the local swing high.
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Move the stop loss to break even once the trade is $200 in profit by price.
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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.
I wrote last Thursday that I was bullish above $7,266. Although the price moved down a little that day, the level has continued to hold since then, and the price has continued to move up, invalidating another resistance level a short while ago. There is every reason to stay bullish as the price keeps on moving up, erasing resistance, and forming higher support. The further above the key psychological level of $7,500 the price gets, the more bullish I will be over the short-term. I have a bullish bias today.
There is nothing important due today concerning the USD.
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