Analysis Bitcoin

Bitcoin Price Watch; Here’s Where We Are Looking This Evening

Samuel Rae | January 18, 2018 | 6:57 pm
Trend
Analysis

Bitcoin Price Watch; Here’s Where We Are Looking This Evening

Samuel Rae | January 18, 2018 | 6:57 pm

We are closing in on the end of another session out of Europe on Thursday and once again there’s plenty to discuss in the bitcoin price. Things have been pretty volatile this week so far (well, pretty volatile is something of an understatement) and we’re currently looking at a substantially weakened price as compares to the prices we were looking at towards the end of last year and into the early part of 2018.

With that said, however, most of the major tokens and coins have gained strength during today’s session, with sentiment easing somewhat heading into the US afternoon. The hope is that this shift to positive sentiment will continue and, in turn, will serve up a continued recovery across the major assets in the space – of which bitcoin, of course, is very much the flagship right now.

So that’s what’s happening behind the scenes – what’s on the horizon nearer term?

Well, that’s what we’re here to figure out.

As ever, take a look at the chart below before we get into the nitty-gritty of our intraday analysis. The chart is a one-minute candlestick chart and it’s got our primary range overlaid in green.

As the chart shows, then, the range we are looking at for the session this evening comes in as defined by support to the downside at 11579 and resistance to 11809. That’s a pretty wide range but we’re going to stick with our breakout strategy for today, just to make sure we aren’t taking on too much risk with careless intrarange entries.

So, if we see price close above resistance, we’ll jump in long towards a target of 12000 flat. Conversely, if we get a close below support, we’ll be in short towards a downside target of 11480.

Let’s see how things play out and we’ll revisit on Friday morning.

Charts courtesy of Trading View

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