The European session is about to draw to a close and attention now shifts to the US afternoon and beyond for our bitcoin price trading efforts. Before we get into how we are going to adapt our strategy for tonight, let’s quickly review what happened during the session today. Once again, price has continued to appreciate throughout the session on Monday, and currently trades in and around $4270 – a marked appreciation on just this morning’s price.
That the momentum is very much with the bulls is unquestionable and anybody who picked up an exposure to the run earlier on this morning is sitting on a decent profit for the day. We are in that position, having entered long on a close above our predefined resistance level and jumping in and out of the markets for a quick turnaround long entry profit. Hopefully, this sort of action will continue as the session matures into the US afternoon. If it doesn’t, of course, it doesn’t really matter too much as we will be able to jump in and out on any downside moves as and when they occur just as easily as we did on the upside entry. With that said, from a long-term perspective, we’d love to see the overarching momentum maintain.
Anyway, with that out of the way, let’s get some levels outlined for the session this evening. 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 using for this evening’s session is defined by support to the downside at 4223 and resistance to the upside at 4280. If we see price close above resistance, we will enter long towards an upside target of 4310. Conversely, a close below support will have us in short towards 4200 flat.
Charts courtesy of Trading View