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We are now drawing things to a close on the European session in our bitcoin price trading efforts and it’s time to take the second of our twice daily looks at what’s moving and where we think that things are set to go next.
Anyone that caught our analysis this morning will know that we were looking for a continuation of the volatility that has dominated the daily sessions this week so far, given that this volatility serves up some nice opportunities for sustainable momentum based entries.
As we head into the evening, it turns out that we got pretty much exactly what we had hoped for. Price has sustained its volatility throughout the session today and it looks as though we are going to see much of the same heading into the US late session tonight and – beyond – into the Asian session tomorrow morning.
So, with this all noted, let’s get some levels in place that we can use to try and draw a profit from the market going forward. 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 going to look at jumping in and out of the markets according to the rules of our intraday strategy if we get the action we are looking for. It’s a one-minute candlestick chart and it’s got our key range overlaid in green.
As the chart shows, then, the range we are looking at tonight comes in as defined by support to the downside at 7424 and resistance to the upside at 7461.
We are going to enter long on a close above resistance towards target of 7510.
Conversely, we’ll be in short on a close below support towards a downside target of 7380.
Let’s see how things play out.
Charts courtesy of Trading View
