BTC/USD Forex Signal – 01 October 2018

By DailyForex.com Team

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 $6,450 or $6.000.
— 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 $6,840 or $7,250.
— 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 pair’s movements were virtually unchanged for the second day in a row. Over the past four trading sessions the pair failed to break the resistance at $6820 or the support at $6454. Cryptocurrency traders have never seen such limited moves and there is a state of anticipation for the next moves which seem to be on the downside as long as the pair on the threshold of psychological support at $6000. There will be no real chance for a bullish correction unless the pair stabilizes above 7$,500 and $8200.

Regarding the USD, there will be the release of the ISM industrial index and spending on construction.

This article provided by NewsEdge.