BTC/USD Forex Signal - Thursday, Nov. 22 -

BTC/USD Forex Signal – Thursday, Nov. 22

Nov 22, 2018Jeremy ParkinsonFinance, No picture0

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

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades may only be taken until 5pm Tokyo time today.

Long Trade

Go long after a bullish price action reversal on the H1 time frame following the next touch of $4,137.

Place 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 $4,982 or $5,187.

Place 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 it would probably be difficult for the price to move much higher than this over the short-term, so when the price action turns more bearish, we were likely to get another push down towards $4,137. I would be very bearish if the price can trade below $4,000 for a couple of hours.

This wasn’t a bad call as the price has not been able to rise any further at all without really being bearish. It is quite likely we will see relatively light ranging movement here today as markets are calm, but Bitcoin is more likely to make a sudden movement than any of the traditional Forex pairs which will be seeing thin liquidity during New York hours due to the public holiday there. I would still be very bearish below $4,000.