Just as we call the end of the long-term correction in the bitcoin price, things take a turn to the downside once again. Just our luck. Price ran up this morning subsequent to our initial coverage, reaching intraday highs in and around the 2750 mark. From this point, however, price turned around and has since dipped (throughout the European afternoon) to just-hit lows at 2703.
We ideally want to see the bitcoin price remain above the 2700 mark. If the level holds, we can safely say that this recent shorter-term correction is just that – a short-term move that’s going to prove a small buying opportunity. If we see a break below 2700, it’s anyone’s guess as to where things go next.
What we’re going to do is set up against the markets assuming we’re going to see a bounce from 2700, but also in such a way that if we don’t get a bounce, and price corrects, we’ll still be given an entry signal that allows us to get in on the break towards a short-side target.
So, with this noted, let’s get things moving forward with some key levels and some trade parameters for this evening’s session. Take a look at the chart below before we get started to get an idea of what happened today and where things stand right now. It’s a one-minute candlestick chart and it’s got our key range overlaid in blue.
As the chart shows, the range we are looking for the session this evening comes in at 2703 to the downside and 2732 to the upside.
We’ll look to get in long on a close above resistance towards 2760. A bounce from 2703 will have us in long intrarange towards resistance. A close below support will see us get in short towards a downside target of 2680.
That covers all the bases – let’s see what happens now.
Charts courtesy of Trading View