There we go then. Another week complete in our bitcoin price trading efforts, and one that – as we noted this morning – has been a pretty rough ride. We were hoping for a it of a win on the outside lane today, something that we could go into the weekend on a high with. As it turns out, we got exactly that.
We entered long on a break of resistance to the upside at 1051 earlier today, and set a take profit up at 1061. Price ran up pretty quickly towards our target, and we managed to get a take profit hit just recently. It’s a quick $10 profit on the position – nothing spectacular, but nothing to scoff at, and as we always say, a profit is a profit.
This brings us to our final analysis for the week, and as far as restating some of the levels go, it’s a relatively simple outline. Basically, we’re going to take this morning’s range, and shift it up in line with the trade from which we managed to draw a profit today.
So, to see what this means for our key levels, take a look at the chart below. It’s a five-minute candlestick chart and it’s got our range overlaid in green.
As the chart shows, the range we’re going for this evening is defined by support to the downside at 1051, and resistance to the upside at 1063. We’re not going to try and be too fancy here, so just breakout entries to close out the period.
Specifically, if we see price break through resistance to the upside, we’ll be in long towards 1075. A stop on the trade at 1060 will take us out if price reverses. If we see a close below support, we’ll be in short towards 1040.
Have a good weekend!
Charts courtesy of SimpleFX