BTC/USD Signal - Wednesday, Sept. 19 -

BTC/USD Signal – Wednesday, Sept. 19

Sep 19, 2018Jeremy ParkinsonFinance0

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades may only be entered before 8am London time and 5pm Tokyo time, during the next 24-hour period.

Long Trades

Long entry after a bullish price action reversal on the H1 time frame following the next touch of $5,950 or $5.600.

Put 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.

Short Trades

Short entry after a bearish price action reversal on the H1 time frame following the next touch of $6,700 or $7,100.

Put 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.

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

The recent weakness in this pair has supported the return of the sell-off and the price retreated to $6200 level before stabilizing around $6350 with a market value of $109 billion. Movements remain in a narrow range that lacks a clear vision, but it seems the pair more likely to decline and test lower support levels.