Another day done in our bitcoin price trading efforts and one that – yet again – has lived up to our expectations. Things first started to really move a couple hours after we published our initial analysis, when price turned to the downside and broke through our predefined support level to get us into a nice short entry. We entered on the break, as per the strategy that we outlined this morning, and ran down towards our target almost immediately. A quick turnaround trade for a nice quick turnaround profit. All good.
Of course, downside runs in this situation are just as good as upside runs. From a long term perspective, however, they are far less attractive. We would love to see current price serve as a long term corrective bottom and for price to start reversing back to the upside near term.
Whether we will, remains to be seen.
As ever, all we can do is set up against what we see and hope for the best. So, with this in mind, get a look at the chart below to get an idea of what’s on for this evening’s session out of Europe and where we intend to get in and out of the markets according to the rules of our intraday strategy. It’s a one-minute chart (far narrower than normal, but this sort of action necessitates a narrow frame) and it’s got our range for the evening overlaid in blue.
So, as the chart shows, we’re looking at a nightly range of support to the downside at 2378 and resistance to the upside at 2423. If we see a break above resistance, we’ll be in long towards an upside target of 2450. Conversely, a break below support will have us on the lookout for a close below that level, on which we’ll get in short towards 2350.
Let’s see what happens.
Charts courtesy of Trading View