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Home Technical analysis

Bitcoin Price Watch; Live Trade!

Samuel Rae by Samuel Rae
5 years ago
in Technical analysis, Bitcoin
Reading Time: 2min read
bitcoin price
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The Wednesday session is drawing to a close in Europe, and it’s time to take our second look at what the markets presented today, and in turn, use this action to put forward a potential trading strategy as we head into the US afternoon, and beyond that, into the Asian session this evening. In this morning’s bitcoin price analysis, the primary focus was a very tight range, which we said we would use to scalp the bitcoin price, on any breakout action. The range was only a few dollars wide, which left no room for an intrarange approach. Action has now matured across the session, so with this in mind, did we manage to get into a scalp trade, or did we get a repeat of last night’s action, whereby price remained well within the range we predefined? Take a quick look at the chart below to get an idea of what happened, and additionally, what we’re looking at in light of today’s action.

Screen Shot 2016-05-18 at 16.31.00

As the chart shows, we just recently broke through resistance, which put us in a long position towards an initial upside target of 449. We remain in this trade, and as such, won’t be looking to enter any further positions until this one results – be that either through a stop loss or a target hit.  For those not already in a trade, however, fresh resistance comes in at the most recent swing high around 455, while support comes in at 453.75. These are the two lines that define this evening’s range.

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Again, it’s an extremely tight range, so we will be looking at a breakout strategy only. Specifically, long on a close above resistance towards an upside target of 459, and short on a break below resistance towards 452.5. A stop loss on both just the side of the entry (no more than one dollar) defines risk nicely.

Charts courtesy of SimpleFX

Image via NewsBTC

Tags: bitcoinBitcoin chartbitcoin pricebitcoin profitbtcusdtrade bitcoin
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