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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Watch; Intrarange Is On!

Samuel Rae
Samuel Rae
1 year ago
2 mins read
Trend

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For the last few weeks we have been going at the bitcoin price using the five minute charts. This has worked out ok on a number of occasions – we’ve managed to stay net up on the market every week – but it has been a little slow as late. Why? Because price hasn’t moved around that much within our predefined ranges, and our entry points have been limited. Today, we are going to zoom out a little and go for a fifteen-minute focus, and see where that takes us. With any luck, we can get into a nice intrarange trade (the wider timeframe affords us a little bit more room within the range) and ride out on the momentum. We’ll also be looking at breakout, of course, in case we get some volatility and see the beginnings of a medium term trend.

So, as ever, get a look at the chart below before we get started to get an idea of the range in question for today’s session. The chart is a fifteen-minute candlestick chart (as mentioned) and shows the last day of so worth of action.

Screen Shot 2016-08-01 at 11.52.15

As the chart shows, the range we are going with for today’s session is defined by in term support to the downside at 611, and in term resistance to the upside at 634. It’s a nice wide range, so an intrarange approach is perfectly valid. Long at support, short at resistance, stop loss just the other side of the entry to define risk.

Looking at our breakout strategy, if price breaks above in term resistance we will look to enter long towards an initial upside target of 650 flat. A stop at 630 defines risk on the trade.

On the short side, if price breaks in term support we will get in to the downside, targeting 600 flat with a stop at 615.

Happy Trading!

Charts courtesy of SimpleFX

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Samuel Rae

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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