Friday is here already and it is time to get things set up for another day of trading in the bitcoin price. The buzzword of the week bullishness. Price has continued to appreciate throughout the majority the week so far, only really settling down to correct now and again and passed through a small consolidation phase shorter-term operators take profits off the table and markets rebalance.
With any look, we will get the continuation of this sort of momentum as we head into the weekend. Just how far things will go before we get a correction remains to be seen. There is a good chance a correction is coming, but with any luck, we will be able to jump in on the right side of the markets as and when it hits and have it served as a hedge on long-term holdings. So, with this said, let’s get some levels in place for the session today. As ever, take a quick look at the chart before we get started. It is a one-minute candlestick chart and it has our key range overlaid in red.
As the chart shows, the range we are looking at for the session today is defined by support to the downside 4732 and resistance to the upside at 4788. We are going to initially look for a close up of resistance to validate an immediate upside target of 4830. A stop loss on the trade somewhere in the region of 4750 will take us out of the position if things turn around for a small loss.
Looking the other way, if we see price close below support, we are going to jump into the markets towards a downside target of 4700 flat. On this one, a stop loss somewhere in the region of 4740 will keep our risk management tight on the position.
Let’s see how things play out.
Charts courtesy of Trading View