Another week gone in our bitcoin price trading efforts and what a week it’s been. There’s not a day gone by that we haven’t seen some sort of dramatic run in the bitcoin price, be that to the upside or the downside (and primarily, it’s been to the upside) and that’s made for a great trading experience on both sides of the market. We’ve been in long on breakouts, short on closes below resistance and we also managed to squeeze in a couple of intrarange trades as price consolidated post-run.
We’re now coming to the end of the day in Europe and the US afternoon is about to get underway. It’s time to put together some key levels for the remainder of the day and – going forward – for the weekend sessions ahead.
So, with this in mind, and as we come off the back of a great week, here’s a look at where are hoping to get in and out of the markets as and when the bitcoin price moves one final time this week. As ever, take a quick look at the chart below to get an idea of what’s on and what happened with price during the session today. It’s a 1-minute candlestick chart and it’s got our key range overlaid in blue.
As the chart shows, the range we have in our crosshairs for the session this evening (and the weekend beyond) is defined by support to the downside at 2400 and resistance to the upside at 2425.
We’re going to stick with our breakout strategy for now and leave intrarange on the shelf.
So, we’ll look for a close above resistance to validate an immediate upside entry towards a target of 2450, while a close below support will get us into the market towards a downside target of 2375.
Stop losses on both positions just the other side of the entry levels will take us out of the trades in case price reverses.
Charts courtesy of Trading View