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Bitcoin Price Watch; Here’s What’s On This Evening

Samuel Rae by Samuel Rae
6 years ago
in Bitcoin, Technical analysis
Reading Time: 2 mins read
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In this morning’s bitcoin price watch piece, we discussed the fact that action to date this week has been relatively flat, and that we were hoping to get a breakout that we could get in and out on a quick short term scalp entry and draw a profit from the market on the volatility. Action has not been bad today, and we’ve had a relatively decent European session. We didn’t manage to get multiple positions entered, but we did get a nice quick trade to the upside, and managed to draw a profit in the process. Price broke the 600 flat level for the first time in a while, which gives us an immediate longer term upside bullish bias, but from a short-term perspective, and as we head into this evening’s session out of Asia (and the close of the US session shortly) let’s take a look at the markets and see what we can do with today’s action. As ever, take a quick look at the chart below to get an idea of the levels in focus. It’s a five-minute candlestick chart with the key levels overlaid in green.

Screen Shot 2016-08-10 at 18.55.17

As the chart shows, we’re looking at support to the downside at 591, and resistance to the upside at 602. Bear in mind that with 600 being a key psychological level, there could be some friction towards resistance, but we will take this into consideration ahead of any entries. We’re going to focus primarily on a breakout strategy, so if price breaks and closes above resistance, we will look to enter long towards 610. A stop loss on this one somewhere in the region of 599 defines risk nicely.

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Looking the other way, if price closes below support, we will enter short towards an immediate downside target of 582. Again we need a stop loss on the trade, and somewhere in the region of 594 looks good

Charts courtesy of SimpleFX

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Samuel Rae

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