Well, here, we are, at the end of another week’s worth of trading in the bitcoin price. This one has gone pretty quick, and has been a bit of a rollercoaster. What started off as a pretty slow week, with price edging sideways out of the weekend and in to the Monday and Tuesday sessions, started to pick up pace around midweek, and we haven’t really looked back from there.
Yesterday, price broke through the 1,000 level for the first time this week, and we set up a few key levels to keep an eye on going into the evening session before we shut down for the night last night. These levels proved valid overnight, and we managed to get in and out according to our intraday breakout strategy rules for a nice upside profit.
Mid way through the night, as the Asian session headed into its open, the bitcoin price took a dive from highs just ahead of 1050, and carved out lows heading into the early morning European session this morning in and around 1017. Since, however, price has recovered to almost close the gap on the decline, and that brings us up to date.
So, as we move in to this morning’s session, here’s a look at what we are focusing on this morning. As ever, take a look at the chart below to get an idea of what’s on. As usual, it’s a five-minute candlestick chart.
As the chart shows, then, we are looking at a range defined by overnight highs to the upside at around 1052, and support to the downside at 1040. If we see price break through the former, we will look to get in long towards an immediate upside target of 1060. Conversely, a close below support will put us in short towards 1030.
Stops on both trades keep our risk tight.
Charts courtesy of SimpleFX