Right then. The final day of the week, here already. Where will the bitcoin price take us today? The answer we’re all hoping for is… Up! We’ve topped out around 775-780 overnight, putting us (and to steal a phrase from last night’s analysis) within touching distance of the 800 mark.
Will this finally be the day we reach it? Maybe.
When 700 broke, price toyed with the level for a while before finally committing. There’s a chance that we might see some similar action again, as markets bustle at either side of the bid to pick up a position, and establish some degree of parity before the break.
This may be happening as we speak (and I’m sure it is, to some degree) but it also may take another few days.
Anyway, with that said, let’s get to what we are focusing on today, and see if we can’t draw a profit from the market regardless of what levels are hit and not.
So, take a look at the chart below to get an idea of our key levels for this morning. As ever, it’s a five-minute candlestick chart, and it’s got our range in focus overlaid in green.
As the chart shows, the range for this morning’s session is defined by in term support to the downside at 768, and in term resistance to the upside at 776. We’ve tightened things in a little after last night’s session, and we will be focusing on a breakout strategy for the time being primarily.
So, if price breaks through in term resistance, we are going to look at getting in long towards an immediate upside target of 782. A stop on the trade at 773 defines risk. Conversely, a close below support will signal short towards 760 flat. A stop at 771 on this one works well.
Happy trading!
Charts courtesy of SimpleFX