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Home Technical analysis

Bitcoin Price Breaks; Recovery on the Cards?

Samuel Rae by Samuel Rae
6 years ago
in Technical analysis
Reading Time: 2min read
bitcoin price
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During yesterday’s session, we published a few technical analysis pieces detailing the action in the bitcoin price throughout the European morning. We highlighted a number of key levels that we would be keeping an eye on, both as far as defining a range and as far as targets and risk parameters were concerned, and – as the day matured – we entered a number of scalp trades to take advantage of the intraday volatility in the bitcoin price. Now, as we kick off a fresh European session, what are the levels that we are watching in the BTCUSD, and how can we draw profit from today’s action? Take a quick look at the chart.

bitcoin price

As the chart shows, we saw a steep decline overnight on Monday, with price dropping to floors of 231.44 around 6:30 PM BST. From this level, we corrected to the upside, and now trade mid-range between what serves as in term support at 233 flat and resistance at 234.24. These two aforementioned are the levels to watch as we head into today’s session.

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If we can get a break above 234.24 (we are trading relatively close to his level at the moment) then we will look to the upside with a long entry towards 236.99 – the level from which we fell overnight. It’s quite a run to reach  our target, so a stop loss somewhere around 233.2 is valid as a risk management parameter.

Looking the other way, if 234.24 holds as resistance, we should get a run down towards 233 flat. A break below this level would put us short towards a medium-term downside target of 231.44. A stop loss somewhere around 233.5 will take us out of the trade in the event of a bias reversal, and ensure that we are not on the wrong side of an irretrievable loss.

Charts courtesy of Trading View

Tags: bitcoinbitcoin pricebtcusdNewstechnical analysis
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