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In our analysis this morning, we noted that we were switching from our standard breakout approach to an intrarange approach in an attempt to benefit from the consolidation action we were seeing in the bitcoin price. It was a bit of a risk given that we generally see breakouts subsequent to long periods of consolidation and that the consolidation we were seeing had already been drawn out overnight, but it proved a pretty smart move.
During the session today, we have had a number of opportunities to jump in and out the markets as and when price hit our key levels and, with any luck, we will be able to continue this trend moving forward into the late US session and, beyond, into the start of the Asian session tomorrow morning.
So, with that noted, let this get some levels in place that we can use to try and draw profit from the market near term. As ever, take a quick look chart below before we get started so as to get an idea where things stand and how we intend to take advantage of any action we see in the bitcoin price moving forward. It is a one minute candlestick cart and it has got our key range overlaid in green.
At the chart shows, the range we are looking at for the session this evening is defined by support to the downside at 4189 and resistance to the upside at 4227. We are going to bring our breakout strategy back into play this evening, so our first trade is to be upside on a close above resistance. In this instance, we will enter long towards a target of 4250. Conversely, and looking the other way, if we get a close below support, we will enter short towards a downside target of 4150. A stop loss on both trades will ensure we are taken out of the positions in the event of a bias reversal.
Charts courtesy of Trading View
