So that’s another day done in our bitcoin price trading efforts and it’s time to take a look at how things played out during the session today in an attempt to figure out if we can harness the volatility we are seeing and use it to draw a profit from the markets.
The big news in the bitcoin space right now is that, fundamentally, things aren’t looking so hot. That’s not reflective of long term potential, of course, but a couple of developments out of China combined with some news out of Russia and South Korea are putting some downside pressure on the bitcoin price and this is presenting itself in the form of a pretty hefty correction.
This correction isn’t all bad news, however. We’ve had a few opportunities to pick up some bitcoin at a discount and, with any luck, it will turn around soon and the bitcoin price will resume its upward trajectory.
When that happens, good stuff. Until it happens, we’re ready with our intrarange efforts to jump in and out as and when things move. With this noted, then, let’s get a strategy in place that we can carry forward into the session tonight. As ever, take a quick look at the chart below before we get started so as to get an idea where things stand. It’s a one minute candlestick chart and it’s got our range overlaid in red.
As the chart shows, the range we are using for the session tonight comes in as defined by support to the downside at 4215 and resistance to the upside at 4291. If we see price close above resistance, we will jump in long towards 4330 Conversely, a close below support will have us in short towards a downside target of 4180.
Let’s see what happens.
Charts courtesy of Trading View