Bitcoin Price Watch; Strategy Redefined

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Action has been pretty tight in the bitcoin price over the last week or so, and – despite a certain amount of volatility – getting in and out of the markets according to our intraday breakout strategy has been pretty difficult. There have been number of opportunities, but we have also been stopped out on occasion, and – as we head into the latter half of the week – the bitcoin price doesn’t look like it’s going to move too far in either direction – at least not on its own (we may see some fundamental driver inject some volatility, but as yet we cannot count for it). So, with this said, for today’s session, we are looking at shifting our perspective and trading a combination of an intra range strategy, while also incorporating a breakout target, but keeping things extremely tight to both the upside in the downside. Here’s what we are watching during today’s session as far as key levels are concerned, and when we will look to trade according to these levels.

In term support sits at 287.89 – lows of the last couple of days, and in term resistance sits at 291.47. This gives us about 2 ½ dollars worth of range to play with on our intra-range strategy. If we hit in term support again, we will look for a bounce from this level to enter long towards 291.47, with a stop loss just below support (somewhere around 287 flat) keeping things tight from a risk management perspective.

Conversely, if we run up towards resistance, we will look for a downside correction to bring 287.89 into play to the downside. In this instance, a stop loss somewhere around 292.2 keeps things attractive on the risk management side of things. From a breakout perspective, if we do break above in term resistance, we will enter long with a short-term target of 293.18.

Charts courtesy of Trading View