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We’re about to close out the session in Europe and it’s been a pretty strong day as far as our trading in the bitcoin price goes today. When we first kicked off our analysis this morning, things were a little shaky. That is, we weren’t entirely sure how the session would play out, given that the action we had seen overnight was somewhat volatile.
We said we were hoping for some degree of appreciation heading into the early session and – as it turns out – that’s exactly what we got.
The bitcoin price ran up into the European afternoon and then, as the US session got underway and the markets crossed, the momentum compounded and we were able to jump into a couple of good breakout trades.
Since these have played out, we’ve seen a period of consolidation and this bodes well for what happens going forward. Namely, we want to see a breakout from this consolidation period and – ideally – we’d like it to be to the upside.
So, with this noted, what levels are we looking at for the session this evening? Take a look at the chart below to find out. It’s 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 16099 and resistance to the upside at 16300.
We will initially lookout for a close above resistance to validate an immediate upside entry towards a target of 16400 flat. A stop on the trade at 16275 looks good. If we see price close below support, we’ll get in short towards a downside target of 16000. A stop on this one somewhere in the region of 16125 should define risk nicely and will get us out of the trade if things turn against us.
Charts courtesy of Trading View
