That’s another day done out of Europe in the bitcoin price, and in all honesty, it’s not been that great a session. Things have been pretty flat, and we haven’t had a chance to get in and out as we might have liked. We did say this morning that we might go at price with an intrarange focus, but we declined the entry when it come, because the bid-ask widened out a little too much to give us anything worthwhile.
Anyway, we’re moving forward, and it’s time to see how today’s action can play in to a strategy this evening. Things are a little less cut and dry than they were this morning, primarily because of the choppy action that we’ve seen, but this doesn’t mean there’s nothing to go at – quite the opposite.
So, take a look at the chart below to get an idea of our focus levels, It is an intraday chart showing a screenshot of the latest action (somewhere around twelve hours’ worth of price action) and it’s got our key levels overlaid in green.
As the chart shows, the range in focus for this evening’s session out of the US, and beyond into the Asian session early morning on Tuesday, is defined by in term support to the downside at 657 flat, and in term resistance to the upside at 662. This is a pretty narrow range, so in line with our decision to decline the intrarange entry this afternoon, we are going to stick with our breakout strategy for the time being.
Specifically, if price closes below in term support, we are going to get in short towards an immediate downside target of 652. A close above resistance, on the other hand, will put us in a long position towards 666.
Let’s see how things play out.
Happy trading all!
Charts courtesy of SimpleFX