It is Friday morning and it’s time to put together the penultimate of our twice a day bitcoin price watch pieces for this week. Action overnight was relatively stable, with the majority of the evening bringing with it a range between the $8000 level and the $8300 level, meaning that these two levels are going to factor pretty heavily into our approach during the session today.
So, without wasting any time, let’s jump straight into our analysis and put forward a strategy that we can use to try and take advantage of any movement we see 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 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 has our primary 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 8172 and resistance to the upside at 8332.
Standard breakout rules apply for the session, so we’ll be jumping in long on a close above resistance towards an immediate upside target of 8600.
A stop on the position somewhere in the region of 8250 will ensure we’re taken out of the trade if things turn against us.
Looking the other way, a close below support will have us in short towards 8040.
Let’s see how things play out.
Charts courtesy of Trading View