And we’re off for another day’s trading in the bitcoin price and – for us at least – the week so far has gone pretty quickly. We haven’t had too much of an opportunity to rest with all the volatility we’ve been seeing in the markets and that’s probably why things have flown by. Not that that’s a bad thing, of course. So long as we keep getting opportunities to get in and out lf the markets and – in doing so – are able to pull a profit on our trades, we can’t complain.
So, that’s the goal today. Stay active, get in and get out as and when we get the opportunity to do so.
Have a look at the chart below before we get started, so as to get an idea of what’s on and where things stand before we get to the detail. It’s a five-minute chart and it’s got our key range overlaid in green.
As the chart shows, then, the range we are going for is defined by support to the downside at 2411 and resistance to the upside at 2438. We’re going to bring our intrarange efforts to the table for the first time in a while, so long on a bounce from support and short on a close below resistance, with a target of the opposing levels.
Looking at our breakout strategy, if we see price break (and more importantly, close) above resistance, we will be in long towards an upside target of 2460. A stop loss in the trade at 2430 looks good. Conversely, a close below support will have us in short towards 2390 and a stop at 1420 will ensure that we are taken out of the trade in the event of a bias reversal.
Charts courtesy of tradingview.com