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. I wrote last Wednesday that it seemed as if the bullish momentum was slowing down as the price reached an earlier comfort zone between roughly $54k and $57k. I thought that the thing to watch for next was likely to be whether the nearest support level (identified at $54,398) held or broke down. I was correct, insofar as the ... (full story)