That’s another day done in our bitcoin price trading efforts and another day that’s given us plenty to talk about. When we set up against action this morning we did so with a reasonably wide range and noted that we would try and stay away from the incorporation of our intrarange strategy into our efforts until we saw a breakout. This turned out to be a smart decision. Price broke through resistance to the upside shortly after we published our analysis and we managed to turn a decent profit on the trade. If we’d had entered short on the initial correction we saw on the upside run, we wouldn’t have been ready to get in long on the break.
Anyway, that’s old news now. Time to move on.
Let’s try and get some key levels outlined for the session this evening in an attempt to try and replicate our drawing of a profit from the market during the session this evening. As ever, take a quick look at the chart below before we get started on the session. It’s a five-minute candlestick chart and it’s got our key range overlaid in green.
As the chart shows, the range that we’ve got in place for the evening session is defined by support to the downside at 2200 and resistance to the upside at 2228. For tonight, we will bring our intrarange into play. Long at support (on a bounce) and short on a correction (from resistance) with a target of the opposing levels.
From a breakout perspective, if we see price close above resistance, we’ll be getting in long towards an immediate upside target of 2240. Conversely, a close below support and we’ll be in short towards a downside target of 2190. Pretty tight trades and pretty tight stops.
Let’s see what happens.
Charts courtesy of Trading View