Things are really starting to pick up in the bitcoin price now. We saw lots of volatility overnight and a degree of short-term consolidation but the overarching trend has been to the upside. Bullish momentum dominated the Asian session and it looks as though this domination is set to continue throughout the early European session this morning. How long it will last remains to be seen but – as far as our intraday strategy goes – it’s not overly important. So long as we are ready for any reversals (and, by way of some well-placed stop losses, we almost always are) we can limit what we stand to lose if and when things turn against us.
So, with all this said, let’s get some levels in place that we can use to try and draw a profit from the market as and when things move. As ever, take a quick look at the chart below before we get started so as to get an idea where things stand and where we are looking to jump in and out of the markets and – in turn – to take advantage of any volatility as and when it comes.
The chart is a one-minute candlestick chart and it’s got our range overlaid in green.
As the chart shows, then, the range we’ve got penciled in for the session this morning comes in as defined by support to the downside at 6499 and 6549. Our standard breakout rules apply to a range like this, as it’s a little tight to be going at price intrarange.
So, we will look to jump into a long entry on a close above resistance, with an upside target of 6570 in place. Conversely, if we see a close below support, we’ll get in short towards a downside target of 6450.
Let’s see how things play out.
Charts courtesy of Trading View