Another day, another dollar in the bitcoin space. Markets are now drawing to a close in Europe and it’s time to take a look at how action matured throughout the session and, in turn, how we can use this to inform a strategy for our bitcoin price trading efforts going forward into the US session this evening.
As ever, we are going to outline some key levels and use these levels to form the basis of an intraday strategy with which, hopefully, we can profit from any volatility.
So, before we get started, get a look at the chart below so as to get an idea of how action played out today, where the bitcoin price currently sits and where we are looking to get in and out of the markets as and when things move.
It is a one-minute candlestick chart (which means that each candlestick on the chart represents one minute’s worth of trading across the relevant exchange) and it has our range overlaid in red and green.
As the chart illustrates, then, the range we are heading into the evening session with tonight comes in as defined by support to the downside at 4298 and resistance to the upside at 4333.
There is probably just about enough room to go at markets with an intrarange approach here, but given that today’s action has been pretty choppy, we are probably better just sticking with a breakout approach for the time being. If this changes near-term, we will update.
So, with that in mind, here are our two entries:
- The first entry comes if we see a close above resistance, at which point we will enter long towards an upside target of 4360.
- the second entry comes if we see a close below support, at which point we will enter short towards an immediate downside target of 4265.
Let’s see how things play out.
Chart courtesy of Trading View