Analysis Bitcoin

Bitcoin Price Watch; Here’s What’s On This Evening

Samuel Rae | August 10, 2017 | 6:34 pm
Analysis

Bitcoin Price Watch; Here’s What’s On This Evening

Samuel Rae | August 10, 2017 | 6:34 pm

And so we are done with another day in our bitcoin price trading efforts, meaning it’s time to take a look at how action matured throughout the European session today and use this action to put forward a strategy with which we can carry forward into the US session this evening. We have had some pretty volatile action over the last few days, but things seem to have settled down a little bit today and we are heading into the final day of the week relatively flat on the day’s open. Price currently trades in and around the 3400 mark, with the day’s range spread between 3311 and 3448 (so far).

As readers can tell, with was trading somewhere around the middle of this range, there’s a good chance we won’t see a considerable daily breakout moving into the session this evening. We may get some activity in between these two key levels, however, insist that action that we are going to try and capitalize on removing the session tonight.

So, with that noted, let’s get some levels in place with which we can try and draw a profit from the market moving forward. As ever, take a quick look at the chart below before we get started so as to get an idea of where things stand and where we are looking to get in and out of the markets according to the rules of our intraday strategy.

It is a one-minute candlestick chart and it has our key range overlaid in green.

As the chart shows, the range we are looking at right now is defined by support to the downside at 3400 flat and resistance to the upside at 3429. If we see a break above resistance, we will enter long towards 3450. Conversely, a close below support will have us in short towards 3380.

Charts courtesy of Trading View

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