Another day done in out bitcoin price trading efforts and it’s been a pretty decent one out of Europe. Things started off pretty slow (when we first opened the week with our initial coverage this morning) but once the European session got underway price action picked up and we were able to get in and out for some pretty clean entries before lunch. The US session is about to take the reigns and – as we’ve mentioned a few times in the past – the crossover period between the US and Europe can often bring with it a degree of volatility based on the additional trading volume.
As such, we want to make sure that we’re ready to jump in and out as and when price moves, assuming it breaks through one of our predefined key levels and gives us an entry point. So, with this noted, let’s get things in place for the session tonight. As ever, take a quick look at the chart below to get an idea of where we are looking to get in and out as action matures this evening. It’s a one-minute candlestick chart and it’s got our key range overlaid in red.
As the chart shows, the range we are carrying forward into the session this evening comes in as defined by support to the downside at 2750 and resistance to the upside at 2792. Standard breakout rules apply for the session going forward, meaning we will look to enter long on a close above resistance and short on a close below support. In the former instance, we’ll be in towards an immediate upside target of 2820. A stop at 2780 defines risk on the position. In the latter instance, the break and close below support, we’ll get in short towards 2710. A stop on this one at 2760 looks good.
Charts courtesy of Trading View