In this morning’s bitcoin price watch analysis, we discussed some of the key trends we were seeing in the bitcoin price during the late session last night and into the early session this morning and opined that we would probably see some pretty substantial volatility during the session today. This was based on the idea that we had already seen a pretty substantial correction and that – as this correction matured – volume would likely be pretty heavy in both directions while price managed to find its footing.
We are now heading into the close of play in Europe and we got exactly what we were expecting.
Well, exactly what we were expecting in the sense that we couldn’t really have predicted how price would move against a backdrop of a substantial degree of volatility.
Moving forward, we’re looking for a continuation of the volatility that we saw during the session today to allow us to continue drawing a profit from the market.
So, let’s get some levels in place that we can use to do just that, if and when we get the action we are looking for. As ever, take a quick look at the chart below so as to get an idea where things stand. It’s a one-minute candlestick chart and it’s got our range overlaid in green.
As the chart shows, the rage we are going to use for the session this evening comes in as defined by support to the downside at 6937 and resistance to the upside at 7189. We are going to try and enter long on a close above resistance towards a target of 7240. Looking the other way, if we see a close below support, we will jump into a short entry with an immediate downside target of 6940.
Let’s see how things play out.
Charts courtesy of Trading View