And we’re off on a fresh day’s trading in the bitcoin price here at NewsBTC central, and things have gotten interesting. Price ran into the close of the session yesterday evening, and we were hoping that we would see a continuation of that run on the back of the volume we were seeing.
As it turned out, we did see said continuation, and we’re not heading into uncharted territory from a price perspective. This is great news, of course, and those with a long-term holding are happy with the situation, but it makes things a little tricky from an intraday perspective. Why? Because when we see a run like this, it primes the markets for a correction. Corrections can be tough to time, and timing is everything in this sort of environment.
The best we can really do, then, is try and outline some key levels and work from there. If price breaks the levels and we get a signal, we can enter. If not, we’ll wait it out and stay patient.
So, with this in mind, let’s get things sorted for today. As ever, take a quick look at the chart below to get an idea of where things stand, and where we’re looking get in and out of the markets according to the rules of our intraday strategy. It’s a five-minute candlestick chart, and it’s got our key range overlaid in green.
As the chart shows, the range we’ve got in place for today is defined by support to the downside at 1400 flat, and resistance to the upside at 1414.
Breakout only right now, as things are a little choppy for intrarange, so we’ll look at getting in long towards an upside target of 1430 if price breaks through resistance, and short on a close below support towards a downside target of 1390.
Let’s see how things play out.
Charts courtesy of SimpleFX