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Bitcoin Price Watch; Simple Trades, Simple Trading

Avatar Samuel Rae 2 years ago

Another day done, and another profit pulled from the markets from our bitcoin price trading strategy. After what was basically a dead end start to the week, things have really turned out pretty well. From the Wednesday afternoon session onwards, price has moved relatively frequently. We’ve not seen any gargantuan runs, only small, choppy plays, but so long as we ensure our levels are in the right place, there’s no need for the entries to be on the back of anything large. Tight stops, tight targets, quick profits; that’s what we got, and that’s what we’re happy with.

The hope now, is that this action will continue into this evening’s session, and beyond that, throughout the European and US sessions on Friday. So long as we don’t do anything stupid, we’re going to close out the week on a net profit, but we’d like to add to the pot a little – if markets allow us to do so.

So, with this in mind, and as we move into the session this evening, here’s 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 as and when the bitcoin price moves.

As ever, take a quick look at the chart below before we get things kicked off in order to get an idea of where things stand.

As the chart shows, the range we are going to go at this evening comes in at support to the downside at 1120, and resistance to the upside at 1130. We’re going to be relatively conservative, so if we see price break above resistance, we will aim to get in towards 1140 flat. Conversely, a close below support will signal short towards 1110.

Simple trades, simple trading.

Let’s see how things play out.

Charts courtesy of SimpleFX

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