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The end of the week is almost here and there’s plenty in line for discussion today. Action in the bitcoin price throughout the week has been both good and bad in parts. Some elements of the European session have been very conducive to our intraday strategy and we’ve had a number of opportunities to jump in and out of the markets for a profit on the back of these times. Others haven’t been so great. When things are a little bit choppy we can get stopped out of our trades whatever direction we set them up in and, especially during the crossover period between the European and the US sessions, we’ve had exactly such choppiness.
Of course, we’d like to see the former of this type of action come into play today. If it does, fantastic. If it doesn’t, however, no worries – we’ll be ready to limit our downside if necessary.
So, with that out of the way, let’s get moving with our strategy. As ever, take a quick look at the chart below before we get started so as to get an idea what’s on, where things stand and where we are looking to jump in and out of the markets whatever the markets throw our way.
The chart is a one-minute candlestick chart and it’s got our key range overlaid in blue.
As the chart shows, the range we are using for our session today is defined by support to the downside at 2305 and resistance to the upside at 2336.
Standard breakout rules apply, so we’ll be in long towards an upside target of 2365 if we see a close above resistance. Conversely, a close below support will have us into a downside entry with a target of 2275. A stop loss on both trades somewhere in the region of $10 just the other side of the entry will ensure we are taken out of the positions in the event of a bias reversal.
Charts courtesy of Trading View
