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It’s Monday morning, and we are about to kick off a fresh session out of Europe. Action over the weekend – as is becoming the norm – gave us plenty to discuss, and we’ll be using some of the key levels to carry forward into today’s bitcoin price strategy. Things were a little slow last week and on more than one occasion we had to bring our scalp strategy into play, with a narrowing of our standard range, and a short, sharp breakout approach for a few dollars here and there. This isn’t really an issue (so long as the spreads on the trades are equally tight – important from a risk management perspective), but it makes things a little more difficult than our standard set and forget breakout approach. Why? Because set and forget – assuming sustained momentum – is far simpler to keep track of.
Anyway, what we’re getting at here is that with any luck the action we see this week will be a little more in line with our preferred strategy, and we can get some decent profits on the momentum we see.
So, with this said, and as we head into today’s fresh session, here’s what we are focusing on in the bitcoin price, and a look at how we intend to approach the markets this morning. As ever take a quick look at the chart below to get an idea of the key levels for this Monday morning session.
As the chart shows, and in response to the action seen over the weekend, the levels we are looking at today are in term support at 442.36 and in term resistance to the upside at 448.11.
As per the rules of our strategy, a close above in term support will signal a long entry towards an initial upside target of 455 flat. A stop on this one at 446 defines risk.
Looking short, a close below support signals a downside entry towards 435. Stop at 444 to keep things attractive from a risk management perspective.
Charts courtesy of SimpleFX
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