So it’s the start of a fresh week, and action over the weekend in the bitcoin price was pretty interesting. We’ve seen what amounts to pretty much sideways trading over the last week or so, and we were hoping that this sideways action would translate to some volatility once it unwound. As things turned out, that’s what happened. We saw a pretty steady decline into Friday evening, and then price rose a little throughout Saturday. Then, early Sunday morning, price jumped, and then did the same late Sunday evening. Not massively, but on the intraday charts (like the one we are watching today) enough to generate a decent profit on some high volume scalps.
We also managed to get some pretty nice key levels carved out, and so today’s session should be pretty straightforward if things hold as is.
So, with that said, and as we head into a fresh session this morning, here’s a look at what we are going for in the bitcoin price, and where we will look to get in and out of the markets on any further volatility. As ever, take a quick look at the chart below to get an idea of what’s on. It’s an intraday, five-minute candlestick chart with the last twelve hours’ worth of action displayed.
As the chart shows, the range in focus for today is defined by in term support to the downside at 572, and resistance to the upside at 576 flat. Intrarange is off the table today, so breakout only for now.
If price breaks through in term resistance, we will look to enter a long position towards an immediate upside target of 582. A stop on the position at 574 works well. Conversely, if price closes below support we will get in short towards 565. Stop at 574 once again.
Charts courtesy of SimpleFX