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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Watch; Long Term Recovery?

Samuel Rae
Samuel Rae
1 year ago
2 mins read
Trend

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Created by industry experts and meticulously reviewed
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Ok then – that’s another day done in our bitcoin price trading efforts and one that has gone pretty much exactly as we’d hoped it would. For readers that caught our analysis this morning, we were looking for a little bit of upside momentum throughout the early morning session to set the tone for the day. The idea was that any breakout would capture the attention of the markets and – in turn – help to sort of compound itself. To put this another way, if price started to look like it was moving upwards and appreciating in value, it would more than likely become a self-fulfilling prophecy. On the back of a little bit of weakness over the weekend, this is what we wanted to see and – as noted above, it’s what we got.

The Bitcoin price reached intraday highs just shy of 2600 earlier on in the day before correcting a little bit towards the 2550 mark. The latter noted dip was the bottoming out of the correction, however, and the price has since resumed its upside momentum to trade at current levels in and around 2570.

With all this noted, then, here’s where we are looking next and what we intend to do as and when price moves tonight. As ever, take a quick look at the chart below to get an idea of what’s on and where we are looking to get I and out of the markets according to the rules of our intraday strategy.

As the chart shows, the range we are looking at tonight comes in at support to the downside at 2549 and resistance to the upside at 2594. We are going to get in long on a close above resistance towards a target of 2630 and short on a close below support towards 2510. We’ll have ‘stops’ in place as ever to define risk on both positions.

Charts courtesy of Trading View

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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