So that’s another day complete in our bitcoin price trading efforts and – once again – it’s been a pretty good one. Price has broken through the 4600 mark and there’s plenty to suggest that the bulls remain firmly in control. If this is the case, we should see a continuation of the upside momentum moving forward into the late US session and, beyond, into early Asian session tomorrow morning.
Whatever happens, we’re going to set up our strategy so as to ensure that we can draw profit from any volatility that we get.
So, let’s get some levels in place and outline our plans for the forward session. As ever, take a quick look at the chart below before we get started so as to get an idea what’s on and where things stand right now. It’s a one-minute candlestick chart and it’s got our range overlaid in green.
As the chart shows, then, the range we are looking at for the session today comes in as defined by support to the downside at 4616 and resistance to the upside at 4666. We are going to stick primarily to our breakout strategy for the time being, in the hope that we can get some solid momentum trades in place.
There are two trades on, with our entries dictated by the following:
- If we get a close above resistance, we’ll jump into the markets long towards an immediate upside target of 4700. A stop on the trade somewhere in the region of 4660 will ensure we are taken out of the trade in the event of a bias reversal.
- A close below support will signal a downside entry towards a target of 4590. A stop on this one at 4622 looks good from a risk management perspective.
Let’s see how things play out and we’ll update in the morning.
Charts courtesy of Trading View