So we are off on another week of trading in the Bitcoin price space, with a view to hopefully replicating our performance last week. Things ran pretty smoothly throughout the majority of the week last week, a number of choppy trades excepted, and we ended Friday evening at a pretty solid net profit. With any luck, we will get much of the same this week. Of course, we can’t take this for granted, and so we have to maintain our risk management on any trade we enter, but that’s what it’s there for, after all.
So, as we head into the session today, here are the levels we are focusing on and where we are looking to get in and out of the markets according to our intraday strategy and based on our response to action over the weekend. As ever, take a quick look at the chart below to get an idea of what is on.
As the chart shows, the range we have got in our sights for today is defined by 2513 the upside as resistance and 2500 the downside of support. Let’s look at our upside trade first. If we see price break through resistance, we are going to enter long towards an immediate upside target of 2535. A stop loss on the trade at 2505 will ensure that we are taken out of the position in the event of a bias reversal.
Looking the other way, if price closes below support, we will look to enter a short trade towards an immediate downside target of 2475. Again we need a stop-loss on this position to make sure we don’t get caught on the wrong side of an irretrievable loss. With the levels we are using, a stop loss somewhere in the region of 2507 looks to fit the position nicely.
Let’s see how things play out and we will revisit and shuffle things around later on this evening.
Chart courtesy of Trading View