The European session is now drawing to a close, and its time to perform the second of our twice daily bitcoin price watch analyses. As we mentioned this morning, action over the weekend was pretty flat – something of an anomaly when considered in line with the sharp, volatile action we’ve seen during the weekend over the last few months. As things have turned out, action throughout today’s session has mirrored that which we saw over the weekend. Specifically, we’ve not really seen any volatility, and the intrarange element of our strategy has been the only effective approach.
As we head into the US afternoon, however, and beyond that, into the Asian session this evening, how can we use today’s action to put together a trading strategy? As ever, get a quick look at the chart below to see the range we are focusing on, and the targets we are looking to aim for on our positions.
As the chart shows, the range in focus for this afternoon’s session remains just as was earlier today. Specifically, in term support comes in at 453 to the downside, while in term resistance is at 457 to the upside – an approximate four-dollar range.
It’s a little too tight to go for intrarange entries, so we will be focusing primarily on the breakout side of our intraday approach.
We’ll look to get into a long trade if price breaks, and closes above, in term resistance. A target of 463 and a stop loss at 455 keeps things attractive on the risk side of the position.
Looking short, if price closes below in term support, it will signal a downside entry towards an initial bearish target of 448. Again a stop is necessary, and we will look to 455 as our exit point in the event of a bias reversal.
Charts courtesy of Simple FX
Header Image: NewsBTC