We are heading in to the close of the week, and it’s time to take a penultimate look at the bitcoin price. Things have been pretty volatile for the last few days, and we’ve had the opportunity to get in and out of the markets on a number of occasions. We got another opportunity overnight, as price broke through the level we had slated as in term resistance and quickly ran up through to our target. We entered on the close above resistance, as per the rules of our intraday breakout strategy, and managed to get out for a nice gain on the take profit.
Having reached overnight highs of around 665 (a level we are going to come back to shortly) price corrected a little and, since then, has traded pretty much sideways into the start of the European session (with a slight downside bias).
So, as we get going on a fresh session today, where are we going to look to enter the markets, and how can we try and get in and out in the same fashion this morning?
The chart below highlights the key levels for this morning’s session, and gives us something to work from if price moves in our favor. Take a quick look at that before we get going.
As the chart shows, we are looking at in term support to the downside at 659, and in term resistance to the upside at 664. It’s pretty tight, so we are going for an intrarange strategy only today.
Long on a close above support with an initial upside target of 670. Stop at 661 to keep risk reasonable,
Conversely, if price closes below support we will look to enter a short trade with an initial downside target of 650 flat. A stop at 663 keeps risk tight.
Charts courtesy of SimpleFX