Right then. Friday morning, a day left of the business week, and what a week we’ve had in the bitcoin price. There’s been so much volatility that the action has eclipsed that which we saw last week (and comparatively, last week was a lot more volatile than the week before) and we’ve had numerous opportunities to get in and out of the markets according to the rules of our intraday strategy. Boy did we take them. We’re heading into the close of the week sitting on a nice profit, and we’d like to close out with a little bit more. If action doesn’t allow it, no problem. We’re not going to miss out on an opportunity though, so if price gives us something to go at, we’re going to take it.
So, with this in mind, and as we head into today’s session, here’s a look at where we are focusing, and which levels we are aiming to get in and out of the markets via for the European morning and early afternoon.
As ever, take a quick look at the chart below to get an idea of what’s on.
As the chart shows, the levels in focus are in term support to the downside at 687 flat, and in term resistance to the upside at 696. We are yet to break the elusive 700, but it may happen with a nice kick today. Price is certainly heading in that direction, and in light of this, let’s address the upside potential first.
So, if price breaks through resistance, we are going to look at getting in long towards an immediate upside target of 703. Conversely, a close below in term support will signal a short entry towards 680 flat. A stop on both positions just the other side of the entry will ensure we are taken out of the trend in the event of a bias reversal.
Charts courtesy of SimpleFX