So that’s another day done in our bitcoin price trading efforts and we’ve had a pretty strong day as far as entry points are concerned. For anyone that missed this morning’s coverage, we were on the lookout for some breakout entries to help us draw a profit from the market as and when we saw any volatility.
These breakout entries come when price closes above or below a key level (that we have predefined as part of our intraday strategy) and, once entered, they mature to completion automatically – be that for a take profit hit or for a stop loss takeout.
During the session today, we got more of the latter than of the former, which, when taken into consideration in line with the fact that we employ a positive risk reward strategy, means we are closing out the session net-positive.
That’s great, but it doesn’t mean we can get cocky.
We’ve got the late US session ahead of us and we’re hoping to replicate our intraday success moving forward.
So, with all this said, let’s get some levels in place that we can use to try and do just that. As ever, take a quick look at the chart below before we get started so as to get an idea where things stand. It’s a one-minute candlestick chart and it’s got our range overlaid in green.
As the chart shows, our target range for the session tonight comes in as defined by support to the downside at 6425 and resistance to the upside at 6594. We are looking to jump in long on a close above resistance towards a target of 6640. Conversely, if we get a close below support, we will jump in short towards a downside target of 6375. Stops on both positions will help us to exit the trades quickly if things turn against us.
Charts courtesy of Trading View