We are about to close out the session in Europe for the evening and things are about to close down in the US for the Thanksgiving holidays. While we’ll likely see some degree of a dip in volume on the back of the holidays in question, this doesn’t mean we’ll get no volatility in the bitcoin price (indeed, a dip in volume might even make things a little choppier than normal based on the fact that liquidity has thinned out).
As such, we are going to make sure we are ready for whatever plays out and that we’ve got some solid levels in place that we can use to take advantage of any action in the bitcoin price, as and when it hits the ticker.
So, with this noted, let’s get our key levels in place for the session going forward. 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 are hoping to get in and out as and when things move. It’s a one-minute candlestick chart and it’s got our primary range overlaid in green.
As the chart shows, the range we have in place for the session this evening comes in as defined by support to the downside at 8158 and resistance to the upside at 8190. We are going to look at jumping into a long position if we get a close above resistance, as part of which we’ll target 8245. A stop on the trade at 8176 looks good.
Looking the other way, we’ll try and get in short if we see price break, and close, below support. On this one, we’ll target a downside TP somewhere in the region of 8115 and we’ll place a stop at 8170 to narrow our risk exposure.
Let’s see how things play out.
Charts courtesy of Trading View