Last Thursday’s signals were not triggered, as there was no bearish price action at $6,569 or $6,643.
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 Trades
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 Thursday that I saw the most exciting, interesting places for strong, medium-term reversals as both $6,171 and $6,643. The price actually broke strongly above the resistance at $6,643 but has returned to settle in its area where it tends to be more settled. The long-term technical picture shows a consolidating triangle and a continuing absence of any real trend. This suggests that the best trades will be any strong reversals off key levels in either direction. I see a move down as slightly more likely to happen as there is a confluence of a long-term bearish trend line and horizontal resistance at $6,643 so a short from a bearish reversal here looks like the most interesting possible trade which might set up today.
