The day is drawing to a close, and its time to put out the second of our twice daily bitcoin price watch pieces. As far as trading days go, this one started out relatively flat, and the action we saw throughout the evening on Wednesday suggested we weren’t going to see anything special come the European open. How wrong this interpretation was. Action throughout today’s session, perhaps buoyed by some positive sentiment across global news media, has seen price boost to fresh weekly highs, and gain back some of the strength it lost earlier on in the week.
We’ve got some sideways consolidation going on right now, and it’s as good a time as any to outline a few key levels that we can focus on, and incorporate into our breakout strategy for this evening.
So with this said, and as we head into the close of Europe, the open of the US afternoon and, beyond that, into the open of Asia tonight, here’s what’s on. First up, take a look at the chart below to get an idea of the key levels that define this evening’s range.
As the chart shows, we are shifting our range to the upside to accommodate the recent upswing.
Specifically, we are looking at in term support to the downside at 660 flat, and in term resistance to the upside at 670 flat, Intrarange is on, so long at support and short at resistance towards a target of the opposing parameter.
Looking at breakout, if price closes below support it triggers a bearish signal towards an initial downside target of 650. A stop on this one at 664 keeps our risk tight. Conversely, if price closes above resistance, we will look to enter a long trade towards 680. Stop at 666 to keep risk tight.
Charts courtesy of Trading View