Another day done, and another pretty interesting ride in the bitcoin price. This morning we noted that action overnight was erratic (just the way we like it!) and that we managed to get in for couple of nice quick turnaround positions on the volatility. We also noted that early morning action had flattened out a bit, and that this could be indicative of some winding action, and in turn, a precursor to some nice momentum volatility.
As things turned out, that’s exactly what we got. Price leveled out into lunchtime, before breaking to the upside and giving us a solid long entry signal. After that, we ran up to our predefined target (as per this morning’s key levels) and took out our take profit for a healthy win.
Over the last hour or so, price seems to have leveled out once more, so we are heading into this evening’s session relatively blind. That is, of course, with the aid of our predefined range excepted.
So, with this in mind, and as we head into the evening session tonight, let’s take a look at what we are going at in the bitcoin price in an attempt to carve out some extra profit during the late US and early Asian sessions.
Take a look at the chart below to get an idea what’s on, and where we are targeting.
As the chart shows, the levels in focus are in term support to the downside at 671, and in term resistance to the upside at 679. We’ve got just enough room to trade intrarange, so that’s on for the time being if we get a bounce or a correction.
Looking at breakout, if price closes below support, we will get in short towards an immediate downside target of 665. Conversely, a close above resistance will put us long towards 685.
Charts courtesy of SimpleFX