We’ve had another busy day in our bitcoin price strategy operations on Tuesday, and with any luck, the volatility that we saw as part of today’s action will continue into this evening’s session. To kick off the analysis this afternoon, take a look at the chart below – it’s the first of two for tonight’s release.
As the chart shows, a break of in term resistance earlier on this afternoon put us in a long position towards our predefined upside target, and as things stand, we remain in this trade. Normally this would stop us entering a secondary trade, but since the primary is only a scalp, we can look at getting in on a slighter longer term position this evening.
So, with this said, take a look at the second chart below to get an idea of our refined, longer term range, and the levels we are looking to target throughout the US afternoon and, beyond, into Asia. It’s a fifteen-minute candlestick chart showing the last circa 48 hours worth of action in the bitcoin price, with our refined range overlaid.
As the chart shows, we are shifting things to the upside to accommodate today’s action. IN term support now comes in at 427 flat, while in term resistance sits at 430.63 – the day’s swing high.
We’re going to focus only on breakout this afternoon, so a close above in term support will put us in a long position towards an initial upside target of 435 flat, with a stop at 428 defining the risk on the position.
Looking to the short side, a close below in term support at 427 flat will signal a downside entry towards 423 flat as a starting point target. On this one, a stop somewhere in the region of 429 flat works to define our upside risk.
Charts courtesy of Trading View