A little earlier on today we published in our bitcoin price watch piece the levels we were looking to get into in the bitcoin market. We noted that if we got a continuation of the volatility we have seen so far this week, we would look to get in according to our intraday strategy (breakout, risk pre-defined) and try and draw a scalp profit from the momentum. Action has now matured across the European session, and as we head into a fresh Asian session, what are the levels we are looking to trade in the bitcoin price this evening, and what has today’s action told us about any potential movement tonight? Take a quick look at the chart.
As you can see from the chart, we saw a continuation of the overarching momentum in the bitcoin price during today’s session and, as a result, managed to get in long according to our breakout strategy (a break of resistance and a close above that level on the intraday chart). As a result of this pending entry (short term target of 270 flat) we will not be placing any more positions this evening. However, for those not yet in a trade, there is still plenty of opportunity to get into the market. One option is to look for a retest of broker resistance as support, which would offer a second opportunity to enter long from the same level we did a little earlier.
Another is to wait until we reach 272 flat (in term resistance for this evening) and enter long on a scalp trade towards 275 with a stop around current levels. Finally, a short entry on a break of broker resistance (now in term support at 268.16) would be a nice option towards a medium term downside target of this morning’s in term support of 264.97.
Charts courtesy of Trading View