In this morning’s twice-daily bitcoin price watch piece, we published our thoughts on how the situation in Greece is affecting the bitcoin price, and suggested the levels that we would be keeping an eye on as we headed into today’s European session. The premise was that action seen overnight yesterday may well just have been a temporary correction, and that if we could break above the level we had slated as in term resistance, we may well see further bullish momentum throughout the latter half of this week. As it happens, this scenario has played out, and we are now looking firmly to the upside as far as entering and exiting according to our breakout strategy is concerned during this evening’s Asian session and beyond. So, with this said, what are the levels that we are keeping an eye on tonight, and how can we get in and out of markets according to our strategy and draw a profit from any volatility we see? Take a quick look at the chart.
As you can see, having reached lows just below 264 flat earlier this morning, we broke through in term resistance at 268 flat mid-morning, and – having returned to trade within this morning’s range for a couple of hours – once again broke through resistance and ran up towards the level that now serves as fresh in term resistance at 273.24. This, alongside with in term support at 268 flat presents us with our definitive range, and these are the levels to keep an eye on tonight. We are currently trading mid-range, so what we will look for initially is a run up towards aforementioned in term resistance at 273.24. We will watch action closely around this level, and if we get a break above and a close on an intraday basis, it would put us long towards a medium-term upside target of 276 flat. Beyond that, we will look for 280 longer-term.
Charts courtesy of Trading View