We have come to the end of the week in our bitcoin price trading efforts and we are going to make this one quick. Why? Because price looks as though it is about to set us up for a nice near-term bullish entry and if we spend too much time discussing what happened during the session today, we might miss the signal.
Normally, we would spend a couple of minutes outlining the action that we saw during the session before we got started on our key levels. Based on what we have just said, however, we are just going to get right to it.
So, before we get started, and as usual, take a quick look at the chart below to get an idea of what we are about to put forward.
As the chart shows, the range we are looking at for the session this evening, and the levels with which we are looking to act upon our potential near time entry, are 2726 to the downside serving as support and 2739 to the upside serving as resistance. This is a slightly narrower range than we have used recently but this is purposeful – it allows us to jump into the market quickly if we get the break we are looking for.
So, if we see a break above resistance, we will look for a close above that level to validate an immediate upside entry towards a target of 2760. A stop loss in the trade somewhere in the region of 2734 will ensure we are taking out the position in the event of bias reversal.
If we don’t see our entry, and the bitcoin price reverses back to the downside from resistance, we will revert to our standard breakout strategy and look to get in short on a close below support towards an immediate downside target of 2700 flat.
Chart courtesy of Trading View