BTC/USD Forex Signal - Monday, Sept. 24

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades may only be entered before 8am London time and 5pm Tokyo time, during the next 24-hour period.

Long Trades

• Long entry after a bullish price action reversal on the H1 time frame following the next touch of $5,900 or $6.680.
• Put 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.

Short Trades

• Short entry after a bearish price action reversal on the H1 time frame following the next touch of $6,840 or $7,100.
• Put 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.

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

After five bullish sessions for the pair, gains stabilized around $6840 and then the pair moved to the downside and settled around the $6680 area. The price rebound still needs a stronger stimulus, so the pair can make stronger gains. So far, my technical outlook for the pair is bearish and that it could retest the $6000 level and even below it, which will confirm the strength of this bearish. I expect the price to rebound to the upside only if the pair reaches $7500 or $8200 levels.

(Click on image to enlarge)

There is nothing important due today concerning the USD.