That’s another day done and yet again we have seen the bitcoin price run up pretty dramatically across the session. Price broke the 2200 mark a little bit earlier on today and has since corrected a little bit, but not too much, and we remain just shy of the broken level as things stand. This gives us a pretty clear range with which we can go at price during the session today and should make our trading this afternoon relatively simple. With this in mind, then, here is a look at what we’re focusing on for the evening session out of Europe and beyond that, into the US session this evening. As ever, take a quick look at the chart below in order to get an idea of what is on, and where we are looking to get in and out of the markets according to the rules of our intraday strategy. It is a five-minute candlestick chart, with today’s action illustrated, and with our key range overlaid in green.
As the chart shows, the range we have gotten our sights for this evening’s session is defined by support to the downside at 2170 and resistance to the upside at 2208. As was the case with this morning’s session, this range gives us plenty of room to guide price with an intrarange approach, but we’re going to stick with breakout for now and leave intrarange for when we shift our focus range in response to a break. It’s a little less aggressive but it makes sure we are in for a run if it occurs as opposed to stuck on the wrong end of an intrarange position.
So, we will look at getting in long towards an immediate upside target of 2230 if we see the bitcoin price break through resistance, and short on a close below support towards 2155.
Charts courtesy of Trading View