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Bitcoin Price Watch; Scalp Morning Session

Avatar Samuel Rae 4 years ago

Let’s start off today’s first bitcoin price watch analysis with a chart. The chart below is a fifteen-minute candlestick chart that shows the last forty eight hours of price action, and has the framework we outlined in yesterday evening’s analysis still overlaid.

Screen Shot 2016-04-05 at 09.50.50

As you can see, price just recently broke through the level we had slated as in term resistance, which put us in a long trade towards an upside target of 425. Unfortunately, however, while we did see something of a sustained run to the upside, price only reached 422 before reversing, and spiking back down into our rage to take us out of the trade on a stop loss hit for a small loss on the position. The broken resistance is now offering up some degree of support, however, so we will be keeping an eye on it as today’s session matures.

So, with that out of the way, what are we looking at for today’s morning trading, and where can we look to get in and out of the markets on any volatility? Take a look at the second of today’s two charts to get an idea of the range we are focusing on as we head into this morning’s European open. Again, the chart is a fifteen-minute timeframe.

Screen Shot 2016-04-05 at 09.55.38

As the above chart shows, we are now looking at 419 flat as in term support, and 422 flat as in term resistance. It’s a super tight range, so we should get into a position pretty quickly.

Breakout only this morning, so long on a close above resistance towards an upside scalp target of 426, stop at support. Short on a close below support, target at 416 flat, and a stop loss at resistance (or just a little above) to define the risk on the position.

Happy Trading!

Charts courtesy of Trading View

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