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Once again the bitcoin price has failed to make any significant progress throughout a European session – something that (yesterday’s action aside) looks to be becoming something of a trend. In our bitcoin price watch piece published this morning, we outlined the parameters we were keeping an eye on throughout the day, and suggested where we would look to get in and out of the markets if the bitcoin price breached these parameters. We also suggested that the range we were looking at was a little too tight to allow for an intra range strategy. So, with this in mind, and as we head into the Asian session this evening, what are we looking at, and where are we looking towards? Take a quick look at the chart.
As you can see, throughout today’s session we have held firmly within the range we slated this morning, As such, our key levels remain unchanged, with 228.22 offering up in term support and 231.97 bringing us this evening’s in term resistance.
We are currently trading mid-range, so let’s look to the upside first. If we get a break above in term resistance at 231.97, and a close above this level on the intraday chart, it will put us long towards a medium term target of 235 flat. A stop loss that mirrored the parameters outlined this morning (somewhere around 230 flat) defines our risk.
Looking to the downside, if we can close below 228.22 it would bring (once again) 223.13 into play as a medium term downside target, with a stop around 229.5 validating our risk profile.
Charts courtesy of Trading View
