We’ve come to the Friday session out of Europe and what a great week we have had in our bitcoin price trading efforts. Things were a bit subdued towards the end of the week (from a price perspective, there was plenty of volume) and it looked as though we might be in for a sustained period of weakness in price, as the fallout from what’s happening in China and various other global regions weighed on sentiment.
Fast forward a few days, however, and things have turned around.
The impact of China on the market now seems to be all but priced out of the equation, with bitcoin trading just shy of the levels at which we were trading just before the exchange ban bombshell hit.
So, this bodes well for the weekend. If we can get a break today, we could well see a strong continuation of the break and something solid from a momentum perspective throughout today’s European and US sessions and, potentially, beyond.
With this noted, let’s get some levels outlined for the session today. As ever, take a quick look at the chart below before we get started so as to get an idea where things stand and what we’re looking to do if we see any volatility. It’s a one-minute candlestick chart and it’s got our range overlaid in green.
As the chart shows, the range we are looking at for the session today comes in as defined by support to the downside at 4082 and resistance to the upside at 4124. We’re going to be pretty aggressive today, especially to the upside, so we will jump in long towards a target of 4175 on a close above resistance. Conversely, if we see a close below support, we’ll get into a short trade towards a downside target of 4040.
Let’s see how things play out.
Charts courtesy of Trading View