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The week has now completed, and it’s time to take one last look at the bitcoin price before things draw to a close. Action, as we have said on a number of occasions this week, has been pretty flat, and we’ve not really had that many opportunities to get into the market on the back of any sustained movements. We did manage to get into a long entry a short while ago, however, and we remain in this position as this second analysis goes out. As such, we won’t be entering any fresh positions until this one resolves – be that by way of a stop loss take out or a profit target hit. There’s potential for a secondary entry, though, after our initial trade completes, so with that in mind, here’s a look at the levels we will be basing this entry on.
First up, take a quick look at the chart below to get an idea of how action played out today, and what levels we are targeting this evening and beyond, into the weekend. It’s a fifteen-minute candlestick chart showing the last twenty-four hours of action in the bitcoin price.
As the chart above shows, price broke through our predefined resistance level at 647 and got us in to a long position (as above mentioned). We’re targeting 655, so we are going to shift resistance to this level on the upside side of things. Support we are shifting upwards slightly, coming in at 638.
There’s just enough room for an intrarange strategy, so for those that aren’t in the same trade as us, long at support and short at resistance, stop the other side of the entry to keep risk tight.
Looking at breakout, if price closes above resistance we will enter long towards 665. Stop at 652 to define our risk on the trade.
Charts courtesy of SimpleFX
