If you read this morning’s twice-daily bitcoin price watch piece, will be more than aware that we address the relative inactivity in the bitcoin price we’ve seen throughout the last couple of weeks, and our resulting difficulty as far as getting in and out of the markets according to our intraday breakout strategy has been concerned. We’ve not really had enough volatility to reach our pre-slated targets, and have – as a result – we chopped out for small losses are a number of occasions. We hope that today’s action would bring a return to the volatility we enjoyed over the last couple of months, but, as it happens, things have remained pretty much static. So, as we head into tonight’s Asian session, we are looking for this volatility. We likely need some kind of fundamental driver to help us pick up some momentum, so not only will be keeping an eye on the technical side of things, but also any bitcoin related news that hits press. So with this said, what of levels that we are keeping an eye on, and where are we helping to break and enter according to our intraday strategy throughout tonight’s Asian session? Take a look at the chart.
As you see, we briefly broke through the level we had down as in term resistance this afternoon, but quickly returned to trade within range. Since we close above that level, we entered, and were taken out of the trade on the next candle. This level remains as in term resistance this evening. In term support sits at 276.20, no change. If we can get a break back above 278.30, it would validate a tight upside target of 279.79.
Looking the other way, a break below 276.20 put us short towards 275 flat. A tight trade, and one that requires a tight stop loss, so with our risk defined by 276.80 should manage to keep the trade attractive from a risk management perspective.
Charts courtesy of Trading View