So that’s another day complete in our bitcoin price trading efforts and it’s time to take a look at how things played out during the session and what we are going to look out for as things move forward tonight.
This morning, we said we’d quite like to see some degree of consolidation followed by a substantial breakout. This sounds pretty obvious but – at the time – price was hovering in and around lows after a pretty strong night of trading so we were essentially looking for a turnaround from that point.
What we got wasn’t too far from what we were looking for, although it was far from perfect at the same time.
The chart below illustrates how things moved during the session today. It’s also got our key levels overlaid in green – the levels that we are going to be using for the session as we move forward this evening.
So, before we get started, take a quick look at that chart so as to get an idea where things stand. It’s a one-minute candlestick chart and it’s got our primary range overlaid in green.
As the chart shows, then, the range that we are going to be using for the session tonight comes in as defined by support to the downside at 14999 and resistance to the upside at 14862.
We are going to stick with our standard breakout approach for the time being (as we’ve done over the last few days), so we’ll look at jumping in long towards an upside target of 15120 if we get a close above resistance.
Conversely, if we see price close below support, we’ll get in short towards a downside target of 14780.
Let’s see what happens and well revisit (and, in turn, review) in the morning.
Charts courtesy of Trading View