It’s Thursday morning, and we are about to head into a fresh session out of Europe. In last night’s bitcoin price analysis, we noted that price had broken to the upside and that – as a result – things looked good for some further upside momentum.
We tentatively slated 800 as a level to watch on the horizon, with that being the next major psychological target, but we also pinned a couple of nearer term levels as being ones to watch, with the goal of taking out a few profit targets on the way up to the big eight oh oh.
Overnight action pushed up to highs around 786, bringing us within touching distance of 800, and taking out our profit targets as it went, which is exactly what we were looking for. Now we are about to enter a fresh session, we’ve got some pretty solid key levels outlined, and we are confident hat we can break through to the 800 mark at some point today, or tomorrow.
So, based on this thesis, let’s get our key levels in place and get moving. Take a look at the chart below to get an idea of what’s on in the markets, and where we are looking to get in and out according to the rules of our intraday strategy.
As the chart shows, the range in focus is defined to the upside by overnight highs, with resistance at 786 flat, and to the downside at the most recent swing low at 771.
A little wider than normal, so for those that wish to, an intrarange play is on, entry from support and resistance targeting the respective, but opposite levels.
We’re looking at breakout here, and specifically to the upside.
A close above resistance will put us long towards an upside target of the above mentioned 800 flat. A stop on the trade somewhere in the region of 780 defines risk nicely.
Charts courtesy of SimpleFX