Some days we find that we can’t keep up with action in the bitcoin price. Things move so fast (and this is often amplified on the intraday charts) that we’ve got to juggle positions on multiple timeframes. Unfortunately, the last couple of days have been pretty much the exact opposite of this. Things have been flat, or downward sloping to a degree, and this had made fro some pretty boring trading. We’ve gotten in and out on a couple of occasions for some quick turnaround breakout entries, but nothing spectacular, and it looks as though this sort of pattern is set to play out during the US session afternoon today. It’s certainly what we’ve seen throughout the majority of he European session, and there’s nothing to hint at a change.
Anyway, it doesn’t matter too much. There’s always something to go at, well, most of the time, and a profit is a profit – even if it’s tiny. When there’s not anything to go at, we don’t mind staying out of the markets. Just as a profit is a profit, a net flat day isn’t a losing one, and staying out of the markets is a sure fire way to keep net flat.
So, with that said, let’s try and put some levels together for this evening that we will go at if and when price signals entry. If we don’t get the signal, we’ll just sit back and relax until the volatility returns.
As ever, take a look at the chart below to get an idea of the levels in focus for the session.
As the chart shows, we are looking at a pretty tight range this evening, defined by support to the downside at 1133 and resistance to the upside at 1142. If we get a break above resistance, we’ll be in long towards an immediate upside target of 1152. Conversely, a close below support will put us in short towards 1125.
Charts courtesy of SimpleFX