Things are getting back in to full swing in the financial markets now, and we are going to look for a big month in the bitcoin price. We’ve had a pretty flat quarter so far (not unexpected, but still a bit frustrating) and it’s now time to move things up a gear and get in on the volatility we know is coming. For those not familiar with the financial asset markets, summer is generally pretty slow. This comes as a result of a combination of factors, including the money movers in the major cities being out of the office, as well as the retail traders and the speculators not sitting down at their terminals of an evening (instead spending time outside in the warmer weather). As autumn kicks in, however, things get a little cooler, and people spend a little bit more of their time inside, The big names are back at their desks in New York, and the darker evenings bring more opportunity for screen time.
All this equates to one thing in the markets – volume. As we know, volume moves markets, and markets moving is as the core of our intraday breakout strategy.
So, with this in mind, let’s take a look at what we are going for in this morning’s session out of Europe. Price has been relatively inactive overnight, but we have got a couple of nice clean levels to focus on, so here goes.
So the levels we are focusing on are in term support to the downside at 607 and resistance to the upside at 614. Breakout only today, on the basis that we will see some ice volatility.
If price breaks above resistance, we will get in long towards an immediate upside target of 620 flat. Conversely, a close below support will signal short towards 600 flat.
Charts courtesy of SimpleFX