That’s the end of the week, and what a week it’s been. We’ve seen a whole lot of action in the bitcoin price – something that has been sorely lacking over the last few months – and we’ve had the opportunity to get in and out of the markets according to our intraday strategy on numerous occasions. We are net up on the market, and look set to head into the weekend with a decent profit on the books. Things weren’t overly volatile today, which limited our entry options, but it also meant we didn’t have to get in to any tough positions, which in turn means we avoided any stop loss hits.
So, let’s look forward, and conduct what will be our final analysis of the week.
As ever take a quick look at the chart below to get an idea of our levels in focus before we get started. It’s a five-minute chart, as usual, and it’s got our key levels overlaid in green.
As the chart shows, action throughout the day today has been riddled with sideways price movement, but this isn’t necessarily a bad thing. It means we have some pretty solid levels to go at for this evenings session – levels that have been tested and rejected on a number of occasions (read: strong).
Specifically, we are looking at in term support to the downside at 613 flat, and in term resistance to the upside at 618. This is a pretty tight range, so as has been pretty standard across the last week, we will be going at price with a breakout approach only for now.
If price breaks through in term resistance, we will look to get in long towards an immediate upside target of 625 flat. Conversely, a close below support signals a downside entry towards 605.
Happy Trading!
Charts courtesy of SimpleFX