Is Thursday morning and we are closing in on the end of the week in our bitcoin price trading efforts. So far, we have had a pretty good week. Overnight action gave us more of what we were looking for (that is, a sustained breakout and a run to the upside) and served multiple opportunities for us to jump in and out markets and pull a quick turnaround profit from the volatility that we saw.
The goal is to repeat this process over and over again during the European session today. So, let’s not get bogged down in to-date action. Instead, let’s get some levels put in place for the session and see if we can use them to draw more profit from the market before the week draws to a close. As ever, take a quick look at the chart below before we get started to get an idea what is on where things stand right now. It is a one candlestick chart and it has our key range overlaid in red.
As the chart shows, the range we are using for the session today is defined by support to the downside at 4600 and resistance to the upside out 4635. We can use intrarange today, so long on a bounce from support and short on a correction from resistance. Target the opposing levels and place a stop loss just the other side of the entry point.
From a breakout perspective, we will look for a break above resistance parentheses and a subsequent close above that level) to validate an upside target of 4660. A stop loss on the trade at 4628 looks good.
Looking short, a close below support will have us in towards a downside target of 4575. A stop loss on this one at 4605 keeps things tight from an upside perspective.
Chart courtesy of Trading View