Another day done, and another pretty flat day for intraday action in the bitcoin price. We did manage to get in to a short trade a little earlier on, and this has meant we were able to pull in a small downside profit, but nothing over exciting, and definitely nothing to write home about.
We’ve got a evening out of Asia ahead of us, and the closing hours of the US afternoon session, so with any luck we will see some volume from both and manage to get in to a sustained momentum entry.
So, with this said, and as we head forward into the above mentioned sessions, here’s a look at what we are targeting, and a discussion of where we are going to get in and out of the markets according to our intraday strategy.
As ever, take a look at the chart below to get an idea of the levels in focus.
As the chart shows, the levels we are looking at define a range of in term support to the downside at 606 flat, and in term resistance to the upside at 609. This is an incredibly tight range, so intrarange trading is definitely out of the picture. Breakout only for the session, with scalp entries, tight targets and even tighter stops.
Specifically, if we see price break through in term support to the downside, we will look to get in short towards an immediate downside target of 600 flat. A stop on the trade at 608 works well to define risk and ensure we are taken out of the position if things turn against us.
If price breaks through resistance, we will look for a close above resistance, and enter on the close towards 614 flat. A stop on this one at 607 looks good.
Charts courtesy of SimpleFX