We are not going to waste any time today and get straight into our bitcoin price analysis for the session early morning on Wednesday. Why? Because the price is currently trading just below one of our key levels and there is a good chance that we will see a near-term break of said level. If we do, we want to be ready to get into the trade as and when it happens as opposed to waiting around to publish this analysis.
So, with this noted, let’s get things sorted for the session. As ever, before we get started, take a quick look at the chart below to get an idea of where price currently resides and what we’re focusing on from an intraday perspective as things stand. It is a one-minute candlestick chart and it has our key range overlaid in green.
As the chart shows, the range that we have in our crosshairs for today comes in at support to the downside at 2530 and resistance to the upside at 2550. It is the latter of these two levels that we expect to break near term, so we will focus on the upside trade initially and then move on to the alternative short side entry.
Specifically, then, if we see price break above resistance, we will enter long towards an immediate upside target of 2590. A stop loss on the position somewhere in the region of 2540 will ensure we are taken out of the trade in the event of a bias reversal and – in turn – make sure we don’t get caught on the wrong end of an irretrievable loss.
Looking short, a close below support will have us in towards a downside target of 2504. Again we need a stop loss on this one and somewhere in the region of 2540 looks to work pretty well on the position.
Charts courtesy of Trading View