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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing
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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Bitcoin Price Watch: Friday Morning Action

Samuel Rae
Samuel Rae
1 year ago
2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Yesterday afternoon we published a piece highlighting the day’s action in the bitcoin price, and offering up the levels that we considered important as far as forming an intraday bias was concerned. We noted that the bitcoin price had range for the majority of the day, but that the breaking of either in term support or resistance would indicate a respective bearish or bullish bias, and that any such break would signal an entry for us here at NewsBTC. Action has now matured overnight, and – as we head into Friday’s European session – what are we watching? Take a quick look at the chart.bitcoin price

As the chart shows, we saw something of a decline overnight, with the BTCUSD breaking 250 flat to trade all the way down to 245.98 before correcting back up to the aforementioned broken level. We now trade free much evenly between these levels, and they serve as in term resistance and support respectively. Just as with yesterday’s session, it is this support and resistance that we will be watching throughout the rest of the day.

There is every chance that we may just range between these two levels – at least as far as the European session is concerned. Such action would give as an opportunity to enter short on a test of resistance with a target of support, and vice versa. However, if we get a convincing close above resistance, it will signal long entry with an initial target of 253.72. In such a scenario, a stop loss just below this level (somewhere around 249.5) would give us an opportunity for an early exit in the event of a reversal. Conversely, a convincing break below 245.98 would signal a short entry with a target around 243.50, and once again a stop just behind our entry (in this instance, somewhere around 247 flat) would give us a nice risk profile.

Charts courtesy of Trading View

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Samuel Rae
Samuel Rae

Samuel Rae

Comments 2

  1. cohagen says:
    10 years ago

    Again with the up/down I dunno what to say guys write up again. Seriously Sam!

    Reply
    • bannedatccn says:
      10 years ago

      Ahh, another advanced investor’s comment on the markets. Thank you for your insights, most valuable!

      Reply

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Comments 2

  1. cohagen says:
    10 years ago

    Again with the up/down I dunno what to say guys write up again. Seriously Sam!

    Reply
    • bannedatccn says:
      10 years ago

      Ahh, another advanced investor’s comment on the markets. Thank you for your insights, most valuable!

      Reply

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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