BTC/USD Forex Signal | DailyForex $BTC

Yesterday’s signals were not triggered, as there was no bearish price action at $6,445.

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.

Long Trade

  • Go long after a bullish price action reversal on the H1 time frame following the next touch of $6,445.

  • Place the stop loss 1 pip below the local swing low.

  • 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.

Short Trade

  • Go short after a bearish price action reversal on the H1 time frame following the next touch of $6,805.

  • Place 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.

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

I thought a period of consolidation was likely here yesterday, although I had a weak bullish bias. I was wrong to some extent as the price actually rose sharply and sliced cleanly through the former resistance level at $6,445. It now looks as if this level and the higher level at $6,671 have been flipped to become support. While Bitcoin cannot be said to be in a long-term trend, the short-term momentum seems to be with the bulls. I would be very bullish above the resistance at $6,805 because the price can rise quite a long way above that level without reaching any resistance. I have a bullish bias here generally.BTCUSd

Regarding the USD, the Chair of the Federal Reserve will be testifying on the Semi-annual Monetary Policy Report before Congress at 3pm London time.