My previous BTC/USD signal on 22nd September was not triggered, as the price did not make a bullish bounce at the support level of $113,220.
(Click on image to enlarge)
Today’s BTC/USD Signals
Risk 0.50% per trade.
Trades may only be taken prior to 5pm Tokyo time Friday.
Long Trade Ideas
- Go long after a bullish price action reversal on the H1 timeframe following the next touch of $111,332, $110,762, or $110,054.
- Put the stop loss $100 below the local swing low.
- Move the stop loss to break even once the trade is $100 in profit by price.
- Take off 50% of the position as profit when the trade is $100 in profit by price and leave the remainder of the position to run.
Short Trade Ideas
- Go short after a bullish price action reversal on the H1 timeframe following the next touch of $112,533, $113,220, or $114,814.
- Put the stop loss $100 above the local swing high.
- Move the stop loss to break even once the trade is $100 in profit by price.
- Take off 50% of the position as profit when the trade is $100 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
In my recent BTC/USD forecast last Monday, I thought that the round number at $112,000 was going to be pivotal after the bearish spike just touched it.
This was a good call for the day, as the price was never really able to get established below $112,000 so scalpers could have gained a little profit from going long at the bullish turns which set up near this round number.
The technical picture now is more bearish, with the market moving more into a risk-off mode, and Bitcoin not really having been able to benefit from earlier risk-on sentiment. These are bearish signs.
The price action is looking heavy and bearish, and the price is sitting on an area of support which starts at $111,332.
We have already seen a bullish turn just above this level, so scalpers might again rise this up at least a little way.
It will be hard for Bitcoin to make a significant bearish breakdown, because there is a cluster of support levels below $111,332.
There is nothing of high importance due today regarding Bitcoin. Concerning the US Dollar, there will be releases of Final GDP ad Unemployment Claims data at 1:30pm London time.
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