So that is Thursday done, and the week has nearly drawn to a close. Once again, we have had a pretty interesting day in the bitcoin price, and we have had the opportunity to get in and out of the markets according to our intraday strategy on a number of occasions. Tonight, we’re going to narrow things in a little bit, and go at a breakout scalp strategy in an attempt to take advantage of some tight movement. So, with this in mind, and as we head into the Asian session early morning tomorrow morning (and of course the US late session this evening) let’s take a look at what we are going at. As ever, before we get started, take a look at the chart below to get an idea of the levels in focus.
As the chart shows, the levels we are watching this evening are in term support to the downside at 637 and in term resistance to the upside at 641. There is only about four dollars worth of room to go at, and so intrarange is out of the question for now. Instead, we’re going to attempt to get in on a break of either of our key levels, towards a pretty tight target. Specifically, if price breaks above resistance, we will get in long towards an immediate upside target of 646. A stoploss on this one somewhere in the region of 640 looks good from a risk management perspective. If price breaks below support, we will enter a short trade towards a downside target of 630. We have a little bit more room to play with on this one, but we don’t want to widen things out too much. A little bit above current levels, somewhere around 640.5, looks like it should do the job.
That’s about it for now, let’s see how things play out.
Charts courtesy of SimpleFX