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Breakout trades are the name of the game with our intraday strategy in the bitcoin price at the moment, and – as the European session just kicked off for the day – we are watching an ideal one play out. Price broke through our key levels on a couple of occasions last night, offering us the opportunity to get in and out of the markets according to the rules of our strategy for a nice quick turnaround profit on each. With this morning’s break already underway, it looks as though we could be in for a similar sort of period going into the session today.
So, without further ado, and bearing in mind that price is already running, let’s get to our key levels quickly and not waste any time.
As ever, take a quick look at the chart below to get an idea of what is on and where we are looking to get in and out the markets. You can also see the break that just happened and where price currently stands.
The chart is a one-minute candlestick chart and it has our key range overlaid in blue.
As the chart shows, the range we’re focusing on for this morning’s session is defined by support to the downside at 2654 and resistance to the upside of 2700 flat. We will look to get in long on a close above resistance towards an immediate upside target of 2730. A stop loss on the trade somewhere in the region of 2690 will ensure that we are taken out the trade in the event of a price reversal and it will help us ensure that we don’t get stuck on the end of an irretrievable loss in such a scenario.
Looking the other way, a close below support will have us into a short entry towards 2625, with a stop loss somewhere in the region of 2665 killing off the risk side of the trade for us.
Chart courtesy of Trading View.
