It is Wednesday morning and we are about to kick things off for a fresh session of trading in our bitcoin price efforts. Readers that caught our analysis last night will know that we went into the US afternoon hoping for some sustained momentum entries – that is, a break and a close above some key target levels followed by a run in the direction of our entry, ideally taking out our take profit target for a clean position exit.
We got pretty much exactly what we were looking for, although things were a little bit choppier we’d hoped initially.
As we head into the session today, we would love to see much of the same: Clean entries, clean exits, quick trading.
So, let’s get some levels in place that we can use to jump in and out of the markets if things move favorably. As ever, take a quick look at the chart below before we get started so as to get an idea where things stand and where we will look to enter and exit our positions if and when things move.
The chart is a one-minute candlestick chart has our key range overlaid in green.
As illustrated, the range we are looking at for the session this morning is relatively similar to the one we used during the session late last night. That is, we have support to the downside at 8250 and resistance to the upside just a little lower than last night’s key level at 8309.
If we see price close above resistance, we will jump into a long entry towards an immediate upside target of 8360. A stop loss at 8290 works well to define risk on the position.
Looking the other way, a close below support will have us in short towards a downside target of 8200 flat.
Let’s see how things play out.
Charts courtesy of Trading View