Today’s BTC/USD Signals
Risk 0.50% per trade.
Trades must be taken before 5pm Tokyo time Wednesday.
Long Trade Ideas
- Long entry after a bullish price action reversal on the H1 timeframe following the next touch of $111,332, $110,762, or $110,054.
- Place the stop loss $100 below the local swing low.
- Adjust the stop loss to break even once the trade is $100 in profit by price.
- Remove 50% of the position as profit when the trade is $100 in profit by price and leave the remainder of the position to ride.
Short Trade Ideas
- Short entry after a bullish price action reversal on the H1 timeframe following the next touch of $113,679 or $115,440.
- Place the stop loss $100 above the local swing high.
- Adjust the stop loss to break even once the trade is $100 in profit by price.
- Remove 50% of the position as profit when the trade is $100 in profit by price and leave the remainder of the position to ride.
Top Regulated Brokers
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
In my recent BTC/USD forecast last Thursday, I thought that the picture looked bearish after breaking down below the support level at $110,569.
I expected a further decline to $107,284 or at least about $108,750. This was a mixed call – I was correct about a decline at least for the first part of the day, but the price did not make it as far as $108,750 before rising to eventually make new highs.
The technical picture has since become more bullish, although the price has been consolidating since the weekend. What makes it look a bit bullish is the cluster of support levels between about $110,000 and $111,000 which looks likely to provide a solid floor to the current price action.
So, a long trade from another bounce at $111,332 looks likely to be the best trade which might set up today. A bullish breakout above $113,679 would likely be a stretch.
There is nothing of high importance due today regarding either Bitcoin or the US Dollar.
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