Yesterday’s signals were not triggered, as none of the key levels were ever reached.

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades must be taken before 5pm Tokyo time, during the next 24-hour period only.

Short Trade

• Go short after a bearish price action reversal on the H1 time frame following the next touch of the bearish trend line shown in the price chart below which is currently situation at about $9,300.
• 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 run.

Long Trades

• Go long after a bullish price action reversal on the H1 time frame following the next touch of $8,893 or $8,679.
• Place 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.

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 wrote yesterday that I expected that the price would go higher today. After an initial dip down to retest the supportive area at about $8,900 the price did rise. It currently looks as if it may be turning bearish at $9,150 which might become a new resistance level after having previously acted as support. There is also a minor support level confluent with the round number at $9,000. All these factors suggest that the action is likely to be messy and hard to predict today, so day traders might be wise to stand aside for the time being.

(Click on image to enlarge)

Regarding the USD, there will be a release the ADP Non-Farm Employment Change forecast at 1:15pm London time, followed by Crude Oil Inventories at 3pm and the FOMC Statement and Federal Funds Rate at 7pm.