Earlier this morning we published our twice daily bitcoin price article highlighting the levels that we are watching in the markets today. Action has now matured throughout the European session, ad as we head into a fresh Asian session, what are we looking at this evening, and where can we look to get into the markets according to our intraday strategy going forward? Take a quick look at the chart below.
As the chart shows, the levels we are looking at during this evening’s session are 295.70 as in term support and 292.99 as in term resistance to the upside. We have seen some movement today, but not enough to void our breakout strategy and initiate an alteration to our intrarange.
We will initially look for a break above in term resistance to validate an upside entry towards a short term scalp target of 300 flat. On this trade, a stop loss just the other side of our entry – somewhere around 294 flat should keep things attractive from a risk management perspective.
Looking the other way, if we get a break below in term support at 292.99 it will put us short on a medium term trade towards 287.37. Again a stop loss is required on this one, and again just the other side of our entry should do the trick.
As a quick aside, throughout the remainder of this week we will probably keep our approach consistent – in the sense that we will maintain our breakout strategy to take advantage of the week’s volatility. Our intrarange strategy has done us some good lately, but with the continuous upside momentum we have seen lately, its worth sticking to our key levels and holding out to take advantage of our upside take profit targets.
Charts courtesy of Trading View