Things are picking up for Bitcoin. International media is currently going gaga over the digital currency’s massive rally, which has ultimately bagged more attention from mainstream investors. Especially in China and India, investors are looking into Bitcoin as an alternative amidst the ongoing currency devaluation and demonetisation drive, respectively.
In the last 24 hours, Bitcoin price continued on its ascent despite undergoing small corrections during the European session. But with the recovery that followed, we can expect price to attempt another breakout during the ongoing US session. Our strategy for today, therefore, is committed towards such a price action, as it may appear.
So, with this in mind, let’s take a look at the 15-minute bitcoin price chart below and understand where we are expecting to get in and out in the current trading session, and make a decent profit.
So, as the chart shows, our range for today is represented in green, with 966 fiat serving as interim support and 992 fiat as interim resistance. It is a wide enough range to apply our intrrange approach, and it surely sounds good enough at this time. But, due to the prevailing upside momentum, we would want to switch our strategy to breakout and keep a parallel position open for the same.
That being said, a break above 992 fiat will have us put a long position towards 1000 fiat. It is a great and fairly achievable target, after which further upside opportunities will be open. Nevertheless, we will keep our stop loss near 982 to get us out of the market in case trend reverses.
Conversely, a bounce back ahead of hitting the resistance target will have us put our short towards 975 for now. A stop on this one at 988 works well.
Chart Courtesy of SimpleFX