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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Watch; Breakout Only Right Now

Samuel Rae
Samuel Rae
1 year ago
2 mins read
Trend

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Created by industry experts and meticulously reviewed
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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

So we’ve come to the start of another day in our bitcoin price trading efforts and we’re just about midway through the week in Europe. Things have been pretty interesting this week so far and we’ve seen a bunch of fresh inputs impact price.

Last night, we jumped straight into the action so as to avoid missing out on any potential entries and – this morning – we’re going to do exactly the same. Things are moving too fast for us to waste time looking at what happened overnight so, instead, we’re going to get straight into what’s on and what we are looking at right now.

As ever, then, 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 according to the rules of our intraday strategy.

The chart is a one-minute candlestick chart and it’s got our key range overlaid in green.

As the chart shows, the range that we are looking at for the session today comes in as defined by support to the downside at 16669 and resistance to the upside at 16849. That’s a pretty wide range and – normally – we’d be looking at bringing our intrarange strategy in to play on this sort of chart.

Today, however, things are moving a little too fast for intrarange (as there’s the potential for chop outs on intrarange action). So, with this noted, we’re going to stick with our breakout approach.

Specifically, if we see price close above resistance, we’re going to jump in long towards an immediate upside target of 16900. A stop at 16830 defines risk.

Looking the other way, if we see price close below support, we’ll try and jump in short towards a downside target of 16620.

Charts courtesy of Trading View

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Samuel Rae
Samuel Rae

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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