We’re now halfway through the week and we’re about to kick off a fresh session out of Europe. Things have been extremely volatile over the last few days and this volatility has translated to a whole lot of entry opportunities. Most of these entry signals we’ve taken through the implementation of our breakout strategy and most of the ones we’ve taken have turned out profitable. There have been a couple of chop-outs here and there (but that’s to be expected – it’s an inherent risk of a strategy like this) and on these, our stop losses have taken us out in time to help us avoid any major losses.
As we said yesterday, when action is like this, drawing profit fro the market is pretty easy.
So, price is currently trading in and around the 2850 mark and 2900 is looking like it could be a reality. Who thought we’d be saying that back in March? Not us. Anyway, we’re here now, and we’re excited about it.
As our regular readers will be more than aware, however, it’s not about the numbers; it’s about the range. Whatever price bitcoin is at our strategy remains the same. Short on a break below support and long on a close above resistance. Predefined entries and exits to manage risk, wherever we are.
So, with this noted, let’s get some key levels set up. As ever, take a quick look at the chart below to get an idea what’s on and where we are looking to get in and out of the markets according to the rules of our intraday strategy.
As the chart shows, then, our range for today comes in at support to the downside at 2841 and 2857. We’re looking to get in long on a close above resistance towards an upside target of 2870. A close below support, on the other hand, will have us in short towards 2825.
Charts courtesy of Trading View