So that’s another day complete in our bitcoin price trading efforts and – yet again – we’ve had a pretty decent one. When we trade against a backdrop of the sort of market conditions that we’ve seen over the last few weeks, it’s hard not to draw a profit from the market. We aren’t being cocky in saying that, there are some conditions in which it’s impossible to pull a profit. With that said, we’ve always got to be careful when things are going well. Price can only travel so far before correcting and, while we have seen some degree of short term correction in the markets over the last couple of days, things are very much with the bulls and that can only last so long. When the correction does eventually come, of course, we can just shift our approach to one that favors the downside and work from there. So long as our targets aren’t overly aggressive and our stops are tight enough to make sure we don’t get caught on the wrong side of an irretrievable loss (but also not too tight that we keep getting chopped out), we’ll be fine.
So, with this in mind, let’s get things in place for this evening’s session. As ever, take a quick look at the chart below to get an idea of where things stand before we move into the late US session tonight. It’s a one-minute candlestick chart and it’s got our key range overlaid in red.
As the chart shows, then, support comes in at 3240 and resistance come in at 3282. Price is trading right at the latter of these two levels right now, so we’re on the look out for a close above this level to validate an immediate upside entry towards a target of 3310. A stop at 3272 defines risk nicely.
Charts courtesy of Trading View