The day is drawing to a close in Europe, and it’s time for us to take a second look at the bitcoin price and see how our strategy played out. Things have been pretty volatile over the last couple of weeks, and this morning we were able to widen out our range (by way of shifting to a fifteen-minute timeframe instead of the five-minute frame we have been looking at as-late). This – in turn – meant we were able to go at action using both our breakout and our intrarange strategies; well, set up to incorporate them into the session, at least.
So, how did today’s bitcoin price action play out, and what can we do this evening to incorporate what we saw into this evening’s strategy? Let’s take a look. The chart below shows today’s markets.
As the chart shows, and with all the above noted, today was pretty disappointing. We had a pretty wide range, so to expect too much from a breakout perspective was a bit of a stretch, but volume was low and we weren’t even able to go at price with an intrarange trade.
In response, we are going to tighten things up a little for this evening. We’ll stick with the fifteen-minute timeframe, but bring resistance in a little bit to the most recent swing high.
As the chart shows, the range we’ve got now is defined by in term support to the downside at 611 (unchanged on this morning’s level) and resistance to the upside at 625 flat.
Again, intrarange and breakout are viable on this range, so if price bounces from support or corrects from resistance we will enter towards the opposite key level and place a stop just the other side of the entry to define risk.
For breakout, if price closes above resistance we will get in long towards 635. Conversely, a close below support will signal a short entry towards 603.
Charts courtesy of Trading View