So that is another session complete for our bitcoin price trading efforts and, once again, we have had a pretty interesting day in the markets. In this morning’s analysis, we noted that we were on the lookout for any action that might imply a return to the overarching upside momentum and, in turn, would give us some nice breakout entries.
As it turns out, we got pretty much exactly what we were looking for. Things didn’t really get going until midway through the session but, once they did, we were able to really take advantage of the volatility we were seeing.
As we head into the close of the session this evening, we’re looking for more of the same.
So, with this all noted, let’s get some levels in place that we can use to draw a profit from the market as and when things move. It’s a one-minute candlestick chart and it’s got our key range overlaid in green.
As the chart shows, the range we are looking at for the session this evening comes in as defined by support to the downside at 7327 and resistance to the upside at 7499. We are going to use both our breakout strategy and our intrarange strategy for the session this evening in an attempt to give us the best chance possible of jumping in and out on one of our entries.
So, if we see a bounce from support, we’ll jump in long towards an upside target of resistance. Conversely, if we get a correction from resistance, we’ll be in short towards a target of support.
Looking at our breakout strategy, if we get a close above resistance, we’ll get in long towards a target of 7550.
Looking the other way, a close below support will have us in short towards a downside target of 7280.
Let’s see how things play out.
Charts courtesy of Trading View