The European session is drawing to a close, and it’s heading into lunch time in the US. As usual, this means it’s time for the second of our twice daily bitcoin price watch analysis pieces, so here goes. First, we will have a quick look at what action threw out today, and then we can interpret this action and use it to try and figure out how we can approach this evening’s trading. So, to kick things off, take a quick look at the chart below. It represents action seen during the last 24 or so hours.
As the chart shows, volume this morning was pretty low, and price action has remained well within the range reflected as being one to watch in this morning’s article. We’ve not had any breakouts, and we’ve not seen price correct from any of our key levels, meaning we’ve not had the opportunity to enter either on our breakout strategy rules or intrarange. So what does this mean for this evening’s session? First up, that’s we are not going to alter our predefined range. Without breaks, we don’t really have enough information to form an intraday bias, and so we will hold things as is for now. Take a look at the chart below for the specifics.
This chart is simply a zoomed in the previous. It shows the range in a little more detail. Specifically, we’ve got in term support at 434.81, and resistance to the upside at 453.
Just as good this morning, we will be going for a two-pronged attack. The first, an intrarange approach. This means long at support and short at resistance on a correction or bounce from either. The second, break out. Short on a close below support and long on a close above resistance. Stops just the other side of every entry to define risk on the positions.
Charts courtesy of Trading View