Last week we saw tons of volatility across the bitcoin price, and as we moved into the weekend on Friday, we published an article suggesting that if we got a continuation of this volatility over the weekend, we could finally reach the $300 mark. Action has now played out, and although we got close, we didn’t quite reach the level we were looking for. We got to just shy of $296 before correcting to where we currently trade, just shy of $285. This does not necessarily mean we wont hit the levels we are hoping for this week, however. So, as we head into a fresh European session worth of action, what are we looking at, and where are we aiming to get in and out of the bitcoin price according to our intraday strategy Take a quick look at the chart to get an idea of today’s key levels.
As the chart shows, the levels we are watching today are in term support at 279.22 (weekend lows) and in term resistance at 285.03. These two levels will define today’s range, and serve to signal entry in the event of a breakout.
If we break below in term support, and close below that level, we will enter short towards a downside target of 275 flat. On this one a stop somewhere around 281 will define our risk.
Looking the other way, a break and close above 285.03 will put us long towards an initial upside target of 291.89. Beyond that, weekend highs at 295.97 will come into play. Again a stop is necessary, and somewhere around 282 flat on the initial entry will do nicely.
As a side note, today’s range is likely a little too tight to attempt to bring our intra-range strategy in to play. However, if we get the initial break above in term resistance, and hit our upside target, this will shift our range and an entry short on a correction from the new in term resistance at 291.89 would be a valid play.
Charts courtesy of Trading View