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It is Tuesday morning, and time to take a look at the bitcoin price for the first time today. Action overnight was pretty weak, as it has been for the majority of the last few days, and we didn’t really get any opportunity to get in and out the markets as we would have liked. This doesn’t mean that we aren’t going to see any action today, but it may weaken our key levels purely because we haven’t had any recent breakouts. As has been pretty standard so far this week, we are going to stick with a really tight range, and try to go at price on a breakout of our range, entering scalp positions towards relatively tight targets. This way we get to keep our risk management tight, but still get the opportunity to draw a small profit from the market on any volatility. So, with this said, let’s take a look at our range in focus, and the levels we will be targeting if we get the breakouts we are looking for. As ever, take a quick look at the chart below to get an idea of what’s on before we get into the details. It is a five-minute candlestick chart showing the last 12 hours or so worth of action.
As the chart shows, the range in focus for this morning is defined by support the downside at 580 and resistance to the upside at 585. As we mentioned already a couple of times this week, this sort of range is not really appropriate for an intrarange strategy. As such, we will be going at things with a breakout approach only.
Specifically, a break above 585 will signal a long position towards an immediate upside target of 590. Conversely, if price breaks below 580, we will look at getting in short towards 575. A stop loss on both trades just the other side of the entry defines risk nicely.
