So the day has now drawn to a close, and it’s time to have a look at how our bitcoin price watch strategy performed throughout the European session, and adapt to its influence on our strategy for tonight’s session.
Earlier today, we noted that price had finally pushed through its long term range under the pressure of some upside momentum, and that we would be looking for this upside momentum to carry through to the daily session as an initial bias.
Well, we’ve not seen a solid continuation, but we did get a bit of volatility and this allowed us to get into a trade intrarange. We are net flat heading into the US afternoon, and beyond that in to the Asian session.
So, with this established, and with our key levels in place for tonight, let’s take a look at what we are targeting for the session ahead. As ever, take a quick look at the chart below to get an idea of what’s on. It’s the standard five-minute chart showing the day’s action, and it’s got our intraday range overlaid in green.
As the chart shows, the range in focus is defined by in term support to the downside at 633 flat, and in term resistance to the upside at 638. These levels are a little narrower than the ones we highlighted this morning, so we aren’t going to be bringing our intrarange strategy in to play just yet. Instead, we are going to be focusing on breakouts, and attempting to get in to some relatively short term scalp entries as and when we see the breakouts occur.
If price breaks through resistance to the upside, we are going to get in long towards an upside target of 645. Conversely, a close below in term support will signal short towards an immediate downside target of 627.
Charts courtesy of SimpleFX