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The market is about to draw to a close out of Europe, and things have been pretty wild this week in the bitcoin price. We noted in this morning’s analysis that we’ve had numerous opportunities to get in and out of the markets according to our intraday strategy, and we’re hoping that this will continue over the weekend. Normally, when it comes to this time on a Friday, we set up some tight key levels and look to draw some scalp profits from the market on intraday breaks.
Tonight, however, we’re going to mix things up a little bit. Not that much, but a little.
We’re going to widen out our timeframes and attempt to apply the same strategy to something a little longer term. Specifically, we’re going to go at things on the hourly timeframe, with the intention of setting up our key levels and getting in to a position that takes the length of the weekend to mature. There’s a little more risk in this sort of position, purely based on the room we’ve got to give ourselves from a stop loss perspective, but the reward is greatly increased. Plus, it’s a little bit of fun to set and forget over the weekend.
So, with this in mind, let’s get to the detail. Take a look at the chart below to see our hourly chart and the levels in focus going forward.
As the chart shows, the levels we are looking at are in term support to the downside at 625 and in term resistance to the upside at 637. If price breaks above the latter, we will look to get in long towards an upside target of 650 flat. A stop on the position somewhere in the region of 633 defines risk nicely.
Conversely, a close below support signals short towards 610. A stop on this one at 630 works well.
So, let’s set and forget and see how things play out.
Happy trading!
Charts courtesy of SimpleFX
