Last Tuesday’s signals were not triggered, as there was no bearish price action at $6,324.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades must be entered before 5pm Tokyo time, over the next 24-hour period only.
Long Trade
Short Trades
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 Tuesday that there was new lower resistance at $6,324 but I thought what was truly interesting here was the support at $6,171 which had a chance of holding as a long or perhaps medium-term low. A strong bullish bounce off that level and the trend line in the price chart below could be a great buying opportunity if you have a bias in favor of Bitcoin.
It took a while to happen, but we did get a sharp fall and then a huge bounce from that confluence with the supportive trend line at $6,170. Unfortunately, it happened so quickly that it was hard to take advantage of it. Still, it leaves the picture looking more bullish, although so far, the price has been unable to break above the nearest resistance level at $6,443. I think this will be the pivotal level today, and I would take a bullish bias later if the price can get established above it.
