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We are closing in on the end of the European session and it is time to take a look at how action in the bitcoin price today is setting up to provide us with a strategy that we can use heading into the primary US session this evening.
As we noted this morning, the overarching momentum seems to be with the bulls right now and, aside from a couple of short-term corrections, the bitcoin price looks like it’s set to break and maintain its level above $13,000.
Just how long this level can serve as support post-break remains to be seen but, if action over the last couple of days is anything to go by, we could well be looking at $14,000 before $13,000 becomes a focal point.
So, with all this said, let’s get some levels in place that we can use for our strategy going forward and try to figure out some entry and exit points that fall in line with our risk management tools.
As ever, take a quick look at the chart below before we get started so as to get an idea where things stand where we are looking to jump in and out of the markets according to the rules of our intraday strategy.
The chart is a one-minute candlestick chart and it has our range overlaid in green.
As the chart shows, the range we’re looking at for the session this evening comes in as defined by support to the downside at 12701 and resistance to the upside 12788.
If we see price close above resistance, we will enter long towards an immediate upside target of 12830. Conversely, a close below support will have us in short towards a downside target of 12640.
Stop losses on both positions will ensure we are taken out of the trades in the event that things turn against us.
Let’s see what happens.
Chart courtesy of Trading View
