So that’s another day out of the way for our bitcoin price trading efforts and – yet again – we’ve had a pretty decent run of things throughout the European session. As our regular readers will be all too aware, the markets were a bit rough on us last week and we weren’t able to close out the weekly session for a net profit. That’s the first time that’s happened in a while (we don’t always rake it in, but our strategy affords us a pretty decent risk reward profile so we are able to win far fewer trades than we lose and still bring in a profit on aggregate) and it was a a bit of a setback against our long term strategy.
As this week kicked off, the bitcoin price shifted up a gear and we got back into the swing of things. We’re doing pretty well so far and – on the back of action today – we’ve managed to get in and out of the markets profitably on a few occasions. With any luck, our positive approach will continue into this evening and we can build on our current position.
On that note, then, let’s get some levels in place for the late session trading tonight. Get a quick look at the chart below before we get going with the detail so as to get an idea where things stand right now and what we’re going after tonight. It’s a one-minute chart and it’s got our range overlaid in blue.
As the chart shows, the range we’re going after tonight is defined by support at 2307 and resistance at 2352. We’re going to look for a close above resistance to validate an upside entry towards 2375 and we’ll be in short towards 2280 on a close below support.
Let’s see what happens.
Charts courtesy of Trading View