So here we go, off for the last day of this week’s worth of trading in the bitcoin price. Throughout this week we managed to get some pretty decent action, and this allowed us to pull out a decent batch of market profits. For the final day of the week, we’re hoping for much of the same. Things have been relatively volatile overnight, and this bodes well going forward for today’s session. Even if it doesn’t suggest volume, it gives us some nice well defined levels to go at, and these levels can be easily incorporated in to today’s strategy.
So, with this in mind, and as we head into today’s session, let’s take a look at what’s going on in the bitcoin price, and where we can look to get in and out of the markets according to our intraday strategy this morning.
As ever, take a quick look at the chart below to get an idea of our focus areas. It’s a five-minute candlestick chart and it has the last twelve hours or so worth of action displayed, with our key levels outlined in green.
As the chart shows, the range in focus for today’s session is defined by in term support to the downside at 770 and in term resistance to the upside at 776. We are going to focus purely on a breakout strategy this morning.
If we get a move to the upside and price breaks through resistance, we will get in long towards an upside target of 784. This gives us enough reward to go at with a reasonably wide stop, somewhere in the region of 774.
Looking south, a close below support will put us in a short trade towards 760. A stop on this one at 774 once again keeps a handle on our upside risk.
Let’s see how things play out as we head in to the close of the week…
Charts courtesy of SimpleFX