Okay, that’s the European session done for today, let’s move on to the US afternoon and – beyond that – into the Asian session tonight. The bitcoin price has been relatively flat throughout the majority of the day, and we ended up getting chopped out of a trade earlier on this morning. It is not a great way to kick off the week, but it is not terrible, and we have to accept some losses now and again. Let’s hope we have got them out the way early, and that going forward, we can recuperate the lost capital and more.
So, with this in mind, and as we head into this evening’s session, let’s take a look at what we are focusing on in the bitcoin price, and where we are looking to get in and out of the markets according to our intraday strategy. As ever, take a quick look at the chart below to get an idea of our levels in focus. It is a five-minute chart, and it shows the last seven or eight hours’ worth of action in the bitcoin price – specifically, the European afternoon session.
As the chart shows, the range in focus is defined by support to the downside at 930, and resistance to the upside of 942. For a more aggressive entry, intrarange looks okay with this one. If price bounces from support, we will enter long towards a target of resistance. Conversely, a correction from resistance will put us short towards support as an immediate downside target. If price breaks through resistance, we will enter long towards an upside target of 952. A stop loss on the trade at 939 defines risk. Conversely, and looking to the downside, if price breaks through, and closes below, support, it will signal a short trade towards 920 flat. A stop loss on this one at 934 will ensure we are taken out the trade in the event of a price reversal.
Charts courtesy of SimpleFX
