Well that was an interesting one. In this morning’s analysis, we discussed what amounted to an unexpected response to the Trump election in the wider asset markets, and how we interpreted this response in the bitcoin price. Specifically, we noted that we expected the election to serve up some risk off sentiment, but that as things turned out, this risk off sentient didn’t really come about, and that – in turn – made any interpretation of the bitcoin price and its likely forward movement pretty difficult.
We set up against the markets nonetheless, and looked to take advantage of the propensity to breakout as initiated by any run ups or downs. Our range was pretty tight, so we targeted a breakout strategy only (scalp targets, tight risk) and waited.
We ended up getting into no positions. Price dipped but remained essentially flat for all intents and purposes, and while we carved out a nice fresh low (something that we can use tonight) we didn’t really get anything of interest on the session.
With that said, we’ve got the rest of the US afternoon ahead of us, and then the Asian morning session late night. So, with this in mind, and ahead of any potential entry opportunities, let’s see where we can set up to take advantage of the market this evening.
As ever, take a look at the chart below to get an idea of what’s on, wand where we are looking to get in and out of the market on any volatility heading forward. It’s a five-minute candlestick chart, and it’s got our range for the day overlaid in green.
As the chart shows, the range in focus for today’s session is defined by in term support to the downside at 711, and in term resistance to the upside at 720. Breakout only again for this evening, so long on a close above resistance towards a target of 730, and short on a close below support towards 703.
Charts courtesy of SimpleFX