There we go – another week done in the bitcoin price. We’ve had a great week, and there have been loads of chances for us to get in and out of the markets according to our intraday strategy. Unfortunately, we haven’t managed to draw as much from the market on this last day of action as we might have liked. Not that price didn’t move (as we’ll get to shortly, it really did) but just that the move was a bit choppy, and didn’t mirror the sustained momentum we have enjoyed over the past few days.
With that said, however, we’re coming out of the week with a nice profit on the books, and when we compare this week’s action to that which we saw over the last few weeks, we can’t possibly complain.
So, with this in mind, and as we move forward into the US session this evening, for what will likely be our final trades of the week (I think it’s time we took a weekend off, don’t you?), here is what we are going at.
The chart below is a five-minute chart illustrating today’s action and it’s got our range overlaid. Take a look at that before we kick things off so as you know what we’re going for before things get moving.
As the chart shows, the range for tonight is defined to the downside by 682 flat (yes, unfortunately our 700 flat support level broke short earlier today) and resistance to the upside at 688.
Here’s our strategy:
If price breaks through support, we are going to watch for a close below that level to validate an immediate downside entry towards 675. Conversely, of price breaks above resistance, we will look for a close to give us an excuse to get in long towards a pretty aggressive target of 700.
Have a good one!
Charts courtesy of SimpleFX