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Yesterday evening, we published our twice-daily bitcoin price watch piece. In the piece, we highlighted the levels we would be watching throughout the evening and during Tuesday night’s Asian session in the bitcoin price, and suggested that – if the volatility we have seen throughout the early part of this week continues – there may be further profit to be drawn from the bitcoin market. Action has now matured throughout the Asian session, and we did get the volatility we were looking for. With this in mind, how to get in and out markets, and what are looking at today to try do the same. Further, is an intra-range strategy valid, or will we be looking at our breakout strategy during today’s European session? Take a quick look at the chart.
As you see from the chart, the breakout we got ourselves to the downside, with the bitcoin price breaking through 292.19 to reach overnight floors of 288.15. The former now serves as in term resistance as we head into today’s session, while the latter (288.15 – daily lows) gives us in term support.
First we will look for a break above 292.19 to Mark a return to the overarching bullish momentum of the week, and if we get a close above this level would bring 297 flat into play as a medium-term upside target. A stop loss somewhere around 291 on this trade will make it very attractive from a risk management perspective.
Looking the other way, and if the underlying bearish momentum continues during today’s session, a break below 288.15 and a close below this level on an intraday chart would validate 285 flat as an immediate downside target. This one is little bit tighter the long trade, though tight stop loss is warranted, with somewhere around 289.5 looking like it should do the job.
Charts courtesy of Trading View
