We’re closing in on the end of another session in our bitcoin price trading efforts and once again we’ve had a pretty strange one. Many will take a look at the flagship bitcoin price and suggest that things aren’t great right now. Price is down, sentiment is somewhat weak and the push towards an overarching market reversal and – in turn – a run to the upside is (in many eyes) long overdue.
As intraday traders, however, for us, it really doesn’t matter where price moves. What’s more important is how price moves and – on a more fundamental level – if price moves at all.
So when we see action, even if it’s downside action as we’ve seen for the majority of today’s session, it’s generally a good thing.
Of course, we’d all love to see thing soar – don’t get us wrong – but if we’ve got to wait a few more days before things turn around, it’s far from a big deal.
So, as we move into the session tonight, let’s get some levels in place that we can use to try and draw a profit from the market as and when things move, whatever direction we get.
As ever, take a quick look at the chart below before we get started so as to get an idea where things stand. The chart is a one-minute candlestick chart and it’s got our primary range overlaid in green.
As the chart shows, the range that we are using for the session tonight comes in as defined by support to the downside at 14801 and resistance to the upside at 14940.
We’re going to watch out for a close above the latter to justify an upside entry towards a target of 15100. Conversely, if we see price close below support, we’ll jump in short towards a target of 14700.
Let’s see how things play out.
Charts courtesy of Trading View