The end of the week is here and it is time to put forward the penultimate of our twice daily bitcoin price pieces for the session today. During the session on Thursday, action across pretty much the entire cryptocurrency space translated to something of a recovery and, while price in many of the majors remains down on its end of 2017 levels, the correction looks to have – somewhat – bottomed out and things are starting to strengthen once again.
The hope is that this strength will remain into the weekend and that, if it does, we will see a continuation of the upside action throughout next week and beyond. Of course, it’s tough to say with any certainty whether we will see what we want but, whichever way price moves, we should be able to get in and out for a few decent trades so long as we see some degree of volatility across the sessions in focus.
So, with all that said, and with crossed fingers in anticipation of a continuation of the upside momentum that began yesterday, let’s put some levels in place that we can use to draw a profit from the market as and when things move during the session today.
As ever, 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 hoping to get into the markets as action matures.
As the chart shows, the range we are looking at for the session today comes in as defined by support to the downside at 11617 and resistance to the upside at 11784.
If we see price close below support, we will enter short towards 11520. Conversely, a close above resistance will signal an upside entry towards an immediate upside target of 11900.
Let’s see how things play out.
Charts courtesy of Trading View