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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Price Watch; Highs Broken, But Remain Cautious

Samuel Rae
Samuel Rae
1 year ago
2 mins read
Trend

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So we are coming to the end of what has been a pretty eventful day in the bitcoin price. In this morning’s analysis, we noted that price over the weekend had gained to fresh highs, and that today, we would likely see a correction of these highs, or a continuation if price could break through the 700 mark. We set up so that we could enter according to our breakout strategy in either scenario, and as it turns out, the latter of these two situations proved to be the correct one. Price broke through 700, we entered along toward 710, and booked profits on the trade shortly thereafter.

Now, as we head into a fresh session this evening, what are we looking to trade in the bitcoin price, and what did today’s action tell us about what we can expect this evening? As ever, take a quick look at the chart below to get an idea of the range we are focusing on.

Screen Shot 2016-06-13 at 17.25.33

First, it is worth mentioning that there still remains the potential for a major correction on the current price. A large portion of the market is speculative, and these speculative positions must book profits at some point. When they do, and price starts to reverse, we may see a wave of extended profit booking, and by proxy, a selloff. It’s worth being aware of this near term. That said, let’s look forward.

So, as the chart shows, the range in focus for this evening is defined by in term support at 700 flat and resistance at 724.

As usual we will be focusing on our breakout approach, so long on a close above resistance with a target of 740, and short on a close below support with a target of 690. Stop losses just the other side of the entry in both cases to define risk.

Charts courtesy of Trading View

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Samuel Rae
Samuel Rae

Samuel Rae

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

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