In today’s Bitcoin price watch piece, we are going to mix things up a bit. We will incorporate a combination of our intraday and our breakout strategies, with the goal of getting in to a trade regardless of what type of action we see in the Bitcoin market.
It was a pretty tough night, with choppy action putting us in to a short trade early this morning, but the price quickly reversed to trade back within range and take out our stop for a small loss. As we head into today’s session, however, this means we are free to get into a fresh position.
So, with this said, here are the levels we are looking at today, alongside a description of where we will look to get in and out of the markets from a risk management/profit taking perspective. As always, get a quick look at the chart to see our key levels.
As the chart shows, we have shifted our range to the downside to incorporate the latest action. In term support comes in at $388.27, while to the upside, in term resistance comes in at $396.79. These are the focus zones for today.
If we see a break above in term resistance, we will look for a close above this level to validate a relatively short-term upside entry towards $400 flat. $400 will likely provide some psychological resistance, so its best not to target much higher on a break towards it. A stop on this one somewhere around $394.5 keeps things attractive from a risk management perspective.
Looking the other way, if we see a close below in term support at $388.27, it will put us short towards a slightly longer-term downside target of $382.56. A stop in the region of $390 will define our risk on this one.
Charts courtesy of Trading View