Yesterday’s signals were not triggered, as the price never reached $8,271.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades may only be entered from 8am New York time until 5pm Tokyo time, during the next 24-hour period.
Go short 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.
Go long after a bullish price action reversal on the H1 time frame following the next touch of $6,811.
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 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.
I maintained a bearish bias yesterday and was proved to be correct, as the price has continued to fall. The bearish trend line shown in the price chart yesterday was broken to the upside, but a new bearish trend line can be drawn which suppresses the price. The price also sold off yesterday at the round number of $8,000 which is another bearish sign, and there remains a clear long-term bearish trend in all major cryptocurrencies. For these reasons I am very comfortable having a bearish bias on Bitcoin going forward. Recent hours have seen the price reach $7,500 and it is possible this psychological level may produce some support. However, I look a little lower for a potential bullish bounce, at the old support level of $6,811.
It is worth noting that only 4 months we were hearing from lost of foolish people about how Bitcoin was on its way to $100,000 etc. yet the price is now about 65% off its high made in December. It was a bubble, but it might reflate, though it probably has further to go first.
There is nothing due today concerning the USD.