The European session is drawing to a close, and the action we have seen today in the bitcoin rice has given us plenty to discuss for this evening’s analysis. In this morning’s price watch piece, we focused on the upside momentum we had seen in the bitcoin price across the last few days, and specifically, how we intended to play this sort of momentum going forward. Our range was pretty tight, but still gave us enough room to bring our intrarange strategy to the table if action gave us an opportunity to do so, and we lined up both this and our breakout levels pre-session. So, now action has matured across the European session, and as we head into the US afternoon, what has today’s action told us about what we can expect from the bitcoin price this evening, and where are we looking to get in and out of the markets on any volatility? As ever, get a quick look at the chart below before we get going with our specific levels. It’s a candlestick chart with a fifteen-minute timeframe, and it shows the last twenty four to forty eight hours worth of action in the bitcoin price. It’s also got our range highlighted for this evening.
As the chart shows, price topped out around 456 earlier today, and with this level having been tested twice on today’s action, it now serves as in term resistance for this evening. In term support comes in at 453 flat – the most recent swing low.
These are the two levels that define our range – it’s a little too tight for intrarange, so we will be focusing on breakout only going forward.
Specifically, we’ll look to enter long on a close above support towards an initial upside target of 461 flat, with a stop at 453 to keep things tight on the downside. If price breaks resistance, it will signal short towards 446.
Charts courtesy of SimpleFX
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