So that’s another day complete in our bitcoin price trading efforts and it’s been another busy one. We didn’t get the break we were looking for (as in the upside break) but we saw plenty of volatility nonetheless, and this volatility gave us plenty of opportunities to get in and out of the markets according to the rules of our intraday strategy. As regular readers will know, it’s not all about sustained runs to the upside. Sure, these are always welcome. From a long-term perspective, they’re ideal. From a short-term trading perspective, however, it really doesn’t matter in what direction price moves, and that’s what we’ve come across today. Price has been up and down to varying degrees throughout the session and – while we haven’t had any real upside breaks – the up and down action has given us some entry points and – albeit to the downside – some sustained runs to carry through to profit targets.
So, what we’re hoping for tonight, then, is much of the same. If we are looking to execute on our strategy we’re going to need a couple of key levels with which to signal entry, so let’s get to them.
As ever, take a quick look at the chart below to get an idea of where things stand from an intraday perspective right now. It’s a one-minute candlestick chart and it’s got our key range overlaid in green.
As the chart shows, the range we’re looking at for this evening is defined by support to the downside at 2727 and resistance to the upside at 2758. Simple breakout entries only for now – long on a close above resistance towards an upside target of 2780 and short on a close below support towards an immediate downside target of 2700. Let’s see how things play out.
Charts courtesy of Trading View