In this morning’s bitcoin price watch piece, we published our thoughts on how the situation in Greece was unfolding, and how it would in turn affect the bitcoin price going forward. We suggested that – from the swift decline we saw from yesterday’s highs – we might see a correction and some upside momentum return us to around the 300 mark and – perhaps – beyond. However, during today’s session, we have seen some pretty flat action. While we did get something of a correction from this level, we have failed really to move that much, and we currently trade well within the range we slated this morning as the parameters to watch. With this said, we still keeping an eye on same levels this evening, and – if so – can we get in and out if we get any further event driven volatility throughout the Asian session? The answer to both of these questions is yes, and to see why, take a quick look at the chart below.
As you see, and as we have already mentioned, the range we have been keeping an eye on all day remains pertinent during today’s evening session. 281.39 brings us in term support to the downside, while 295.09 offers us in term resistance to the upside.
We will initially look for a break above 295.09 to validate a medium-term upside bias, with a short-term target of 300 flat. If we get a break above 300 flat would mark a return to the overarching bullish momentum, and bring 307.28 into play medium-term. On this trade, a stop loss somewhere around 292 (similar to current levels) will help us maintain a positive risk to reward profile on the trade.
Looking the other way, if we see some downside momentum, a break below 281 flat would bring 277 into play short-term. A tight stop loss, somewhere around 283 flat, will keep things attractive from a risk management perspective in the event of this downside entry.
Charts courtesy of Trading View