So that is another day done for our bitcoin price trading efforts and – as per the action we have seen throughout the session in Europe – it has been a pretty good one. Those who read this morning’s analysis will already be aware that we jumped straight into the action with our early morning coverage based on the idea that price looked as though it was about to break out and – in doing so – signal a near-term entry according to the rules of our intraday strategy. This proved a smart move, as we entered a trade right after publication towards a predefined upside target. After entry, price ran up towards this target and took out our take profit relatively quickly, before consolidating somewhat and – eventually – returning to the upside momentum throughout the afternoon.
As things stand, we are just coming off a fresh consolidation period, and it looks as though we may be in for a near-term breakout on the back of this consolidation period drawing to a close. With this in mind, then, let’s outline some key levels with which we can take advantage of any volatility near term. As ever, take a quick look at the chart below to get an idea of where things stand right now. It is a one-minute candlestick chart and it has our key range overlaid in blue.
As the chart shows, the range we have in our sights for this evening is defined by support to the downside at 2524 and resistance to the upside at 2539. Price currently resides right below resistance, so chances are we are going to get a near-term bullish entry signal. If this signal comes, we will enter long towards an immediate upside target of 2556. A stop loss on the position somewhere in the region of 2530 will ensure that we are taken out of the trade in the event of a bias reversal.
Charts courtesy of Trading View