In this morning’s bitcoin price watch piece, we highlighted the levels that we would be looking at as today’s European session matured. We suggested that – as a response t the recent tight action we have seen so far this week – we would tighten our range and bring a scalp breakout strategy in to play. Action has now matured throughout the session, and as we head into a new Asian session this evening, what are the levels we are looking to get in and out at tonight, and where will we define tonight’s range? Further, how did today’s action play out in light of our intraday scalp strategy? Take a quick look at the chart to get an idea of what we are watching.
As you can see, we got some great action today. Shortly after we published our analysis, we broke through in term support and quickly reached our predefined downside target for a nice few dollar scalp profit. In light of this, we have shifted our range to in term support at 325.87 (the day’s swing low) and in term resistance at 330.05.
This is slightly tighter than we have been used to, especially over the last few weeks during which we have been looking at $20 ranges, so we will leave our intrarange strategy on the bench this evening.
If we get a break above in term resistance at 330.05, we will look for a close above that level to validate a medium term upside target of 336.03. On this one, a stop loss somewhere around 328 will keep things attractive from a risk management perspective.
Looking the other way, a close below in term support will put us short towards 320 flat, wit a stop loss somewhere just ahead of current levels (near 327 flat) will ensure we are taken out of the trade in the event of a bias reversal.
Charts courtesy of Trading View