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Bitcoin Price Breaks Again; More Upside to Come?

Avatar Samuel Rae 5 years ago

As most reading this will be aware by now, we produce a twice-daily intraday bitcoin price watch piece focusing on short-term scalp trades with the potential to take advantage of intraday volatility. Yesterday, we covered the fact that we entered on a break out trade to the upside, and carved out a few fresh levels to keep an eye on as we headed into today’s session. So, with this said, and now price has matured overnight, what are the levels we are watching during Thursday’s European session, and how might respond to any volatility and the breaking of these levels? Let’s take a look.

bitcoin price

As you see from the chart, overnight action was relatively muted until about an hour ago (9 AM GMT), and we saw price breakout to the upside and reach fresh daily highs of 236 flat. This level now serves as in term resistance as we head into today’s session. In term support is a level that offered us a floor yesterday, somewhere around 233.76.

Because we have got quite a wide range to trade, if we get a bounce from current levels we will look to enter short towards in term support with a stop loss somewhere around 236.5. This is quite an aggressive trad, but we have seen a bearish pin form on the intraday chart from resistance, and this can sometimes precede a correction. However, if price breaks back above resistance and we get a close above 236 flat, we will look to enter long towards 240, with a stop somewhere around 235 flat taking us out of the trade in the event of a bias reversal.

To the downside, if we do get a run towards in term support, a close below this level would validate 233 initially for a very tight scalp trade, and beyond that, 231.82 – with a stop loss around 234.2 maintaining a positive risk reward profiles on both trades.

Charts courtesy of Trading View

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