What a day. The bitcoin price started off the week on the back of what looked to be a substantial decline and had mainstream news media calling for the death of the cryptocurrency space as a whole. We had a couple of opinions on this as the week kicked off. Not on the death of the cryptocurrency space – that’s nonsense, of course. On the media response to the decline. On one hand, we said it was fully expected and that it can be squarely ignored as misrepresentative of the sector’s health. Two, that with this said, it would almost certainly translate to some wider industry selling of the assets involved (in this instance, bitcoin) and that this sell off could cause some further weakness early week. The big question was, how long would this weakness last.
Well, we’ve now got our answer – not long.
Price is very much on its way t a strong recovery right now and action throughout the session today has contributed substantially to said recovery. The bitcoin price is currently trading in and around 2600 flat, a level we’ve not seen in a while, and we expect the upside momentum to continue as we head into the close of the week.
So, with this noted, and as we push into the session this evening, here’s a look at what we’re going for in the bitcoin price and where we want to get in and out of the markets according to the rules of our strategy.
As ever, take a quick look at the chart below before we get started.
As the chart shows, the range with which we are going at price tonight is support to the downside at 2557 and resistance to the upside at 2629. If we get a close below support, we’ll be in short towards 2520. Conversely, a close above resistance will have us in long towards 2650.
Charts courtesy of Trading View