Bitcoin, it seems, is back in the game. The bitcoin price was a little subdued heading into the close of play yesterday as the market took a bit of a corrective turn and traded bitcoin down to the 5200 region early evening. Heading into this morning out of Europe, things picked up a bit and price looked as though it was at the start of a longer-term recovery and a return to the overarching upside momentum.
Fast forward a few hours and the European session has now matured to a close and things are looking as though they are full steam ahead. Price has been a bit up and down on the very short timeframes but, no aggregate throughout the session, the trend is to the upside and bitcoin is currently trading just shy of 5700.
If we see a break of 5700 it could pave the way for a run towards 6000, which is going to be a major psychological level in the space.
So, as we move into the session this evening, let’s get some levels in place that we can use to get in and out of the markets if and when things move. As ever, take a quick look at the chart below before we get started so as to get an idea where things stand. It’s a one-minute candlestick chart and it’s got our range overlaid in green.
As the chart shows, then, the range we have in play for the session tonight comes in as defined by support to the downside at 5610 and resistance to the upside at 5698.
If we see price close above resistance, we’ll jump into a long entry towards an upside target of 5730. Conversely, if we see a close below support, we’ll get in towards 5560 to the downside.
Let’s see how things play out.
Charts courtesy of Trading View