Earlier on this morning, we published the first about twice daily bitcoin price watch pieces. In the article, we noted that the overnight highs that fell just short of 452 flat would likely serve as some pretty solid medium-term resistance, and that’s during today’s session, we might see a period of prolonged consolidation. As things turned out, this is exactly what we saw. Price corrected into lunchtime in Europe, and – having bounced from the level that we cited as in term support – pretty much just traded sideways the rest the afternoon.
Now, as we head into the afternoon in the US, and beyond that, into the Asian session at the beginning of the weekend, what are we looking at in the big on price, and where are we looking to trade in order to attempt to draw a profit from the market going forward? As always, take a quick look at the chart below to get an idea of the levels we are watching. It is a 15-minute candlestick chart showing the last 48 hours’ worth of action in the bitcoin price.
As the chart shows, action that we saw this morning has not really called for any real alteration in the levels we are focusing on for this evening. Support remains to the downside at 444.19, while resistance sits at 448 flat. We are currently trading just about midrange, and we will focus on our breakout strategy as the range is slightly too tight to trade with.
So, as usual with this strategy, we will look to enter longer on the close above resistance, with an initial upside target the 452 flat. A stop loss on this one somewhere in the region of 450 defines risk. Looking the other way, a close below support validates 440 flat as an immediate downside target.
Charts courtesy of Trading View