BTC/USD Forex Signal - Thursday, June 28 -

BTC/USD Forex Signal – Thursday, June 28

Jun 28, 2018Jeremy ParkinsonFinance0

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 entered between 8am London time and 5pm Tokyo time, over the next 24-hour period only.

Long Trades

Go long after a bullish price action reversal on the H1 time frame following the next touch of $5,950 or $5,777.

Put 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 Trades

Go short after a bearish price action reversal on the H1 time frame following the next touch of $6,309 or $6,563.

Put 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 wrote yesterday that I could not make a call as to direction over the short-term because there were conflicting bullish and bearish signs. There has been no real change to this situation, which still prevails. In fact, the levels are narrowing and becoming more congested: there are new higher support and lower resistance levels, which are shown in the price chart below. I have more faith in the new support level at $5,950 than I do in the new resistance at $6,166, and I have not included the latter as a potential level at which to look for a rejection trade.

However, it does have to be said that the bears seem to be a little stronger than the bulls, and Bitcoin is in a long-term bearish trend/bear market, and this supports the bearish case. Overall, I have no short-term directional bias.