BTC/USD Forex Signal - Monday, March 26 -

BTC/USD Forex Signal – Monday, March 26

Mar 26, 2018Jeremy ParkinsonFinance0

Last Thursday’s signals were not triggered, as there was no bullish price action at $8,800.

Today’s BTC/USD Signals

Risk 0.75% per trade.

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

Short Trades

Short entry after a bearish price action reversal on the H1 time frame following the next touch of $8,472 or $8,679.

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 Trade

Long entry after a bullish price action reversal on the H1 time frame following the next touch of $8,092.

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 last Thursday that I had no directional bias, maybe a very small bullish bias only. I thought if any of the levels were reached, they would be likely to hold. One level was reached and broken, and the situation looks more bearish now, as we print new lower resistance levels which continue to hold, while there remains plenty of room for the price to fall further. There are also new bearish trend lines dominating the chart, and the price has been falling relatively steadily since last December. These are all convincing bearish signs taken together, so I have a bearish bias. It seems the price is heading towards the support just above $8,000. There may be some support felt before that at about $7,500 (a psychological level) or $7,250 (a key recent swing low / inflection point).