The end of the week is here and it is time to take a penultimate look at action in the bitcoin price in an attempt to figure out whether there is any way we can draw profit from the market as the week draws to a close. We have had a pretty solid one so far and we are looking for a continuation of this good luck moving forward. With this in mind, and instead of wasting time focusing on what happened overnight, we are going to jump straight into our analysis for the session today, given that prices trading in and around a key level and we may have a near-term chance to jump into the markets.
As ever, then, get a quick look at the chart below before we get started so as to get an idea of where things stand in the market right now and where we are looking to take advantage of any volatility throughout the session today. It is a one-minute candlestick chart and it has our key range overlaid in green.
As the chart shows, the range we are focusing on for the session today is defined by support to the downside at 2543 and resistance to the upside at 2572.
If we see price break through resistance, we are going to look at getting into a long trade towards an immediate upside target of 2600. A stop on the trade at 2560 will ensure we are taken out of the trade in the event of a bias reversal.
Looking the other way, if we see price close below support, we’re going to look at getting in short towards a downside target of 2520. A stop loss on this one at 2550 looks good from a risk management perspective.
We will revisit price a little later on, so be sure to check back at the close of the European session to see how our strategy materialized during the day.
Charts courtesy of Trading View