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Bitcoin Price Watch; 700 In Focus To The Upside

Avatar Samuel Rae 4 years ago

It is Friday morning, and the end of the week from our bitcoin price trading perspective. With this comes the opportunity to take a penultimate look at the markets, in an attempt to figure out what levels might be important today. In yesterday evening’s analysis, we set up a pretty tight range, and action overnight did not disappoint. We managed to get in a long entry on a break above resistance late in the evening, and the trade quickly ran to take out our target for a small gain. With any luck, we can get a rerun today. So, with this said, and as we head into today’s session, here is a look at the levels we are focusing on. First of all, take a quick look at the chart below to get an idea of where things sit. It is a 15 minute the candlestick chart with around 24 hours worth of action displayed.

Screen Shot 2016-07-01 at 12.01.04

As the chart shows, our range in focus for today is defined by 666 to the downside for support and 684 to the upside for resistance. It is wide enough for a intrarange strategy, so long on a bounce from support with an immediate upside target of resistance,  and short off resistance on a correction to the downside, with a target of support no the short side and with a stop loss just the other side of the entry to define risk.

On the breakout side of things, if price breaks below support it signals a short entry towards 656. It’s a pretty tight target, so we need an equally tight stop loss -somewhere in the region of 670 keeps our risk tight. If price breaks above resistance, we will enter long towards an upside target of 700. A stop on this one around 680 looks good, and will ensure we are taken out of the trade in the event of a bias reversal.

Charts courtesy of Trading View

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