In the words of someone I can’t remember… Here we go! The bitcoin price has run up throughout the majority of both the European and the US sessions on Tuesday, and our long awaited target of 800 flat, the key psychological resistance that should bring about some considerable upside follow through if it’s broken, is looking more and more likely as the hours pass. Price is currently trading somewhere in the region of 775, having risen from sub-750 earlier in the day, and there’s not too far to go before we are going to be seriously looking at an 800 test. Right now, it’s probably a little too far away to use as an intraday target, given current levels, but if we see a step up through tonight’s resistance, and a consolidation above that level, we should be entering tomorrow morning’s analysis with an 800 upside goal.
That said, let’s bring things back to current price, and try and put together some key levels that we can use in advance of our ultimate target.
Take a look at the chart below to get an idea of what’s on for the evening session, and where we are looking to get in and out of the markets according to our intraday strategy.
As the chart shows, we are looking at in term support to the downside at 770, and in term resistance to the upside 777. Seven dollars’ worth of room, just about enough to go at price intrarange, so the more aggressive out there can enter on a bounce or correction targeting the opposing levels.
Looking at breakout, of we see a close above resistance we’re getting in long towards 785 Stop at 774 to kill off downside risk.
Conversely, a close below support will put us short towards 760. A stop on this one at 773 looks good.
Happy trading!
Charts courtesy of SimpleFX