Things are moving too fast for us to waste any time on the bitcoin price action we have seen during the session today in the bitcoin price out of Europe because, if we do, we are liable to miss a potentially rewarding entry opportunity. We have set up some levels that we are hoping to use to take advantage of the fast action volatility during the session this evening and, beyond, into the Asian session tomorrow morning, and with any luck, we will see a continuation of this sort of momentum near term.
So, let’s get our levels outlined so as to not miss any opportunity and to give readers an idea of where things stand in the market right now and, additionally, where we intend to jump in and out of the markets on any forward volatility.
As ever, take a quick look at the chart below before we get started so as to get an idea of what is on and where we are looking to as far as entry signals are concerned.
It is a five-minute candlestick chart (a slightly wider timeframe than normal) and it has our key range overlaid green.
As the chart shows, the range we are looking at for the session this evening comes in as defined by support to the downside at 5186 and resistance to the upside 5351. We are going to stick with our breakout strategy for this evening, as mentioned above, so we will look for the following entries:
- Entry one is signaled by a close above resistance, which will get us into a long trade towards an immediate upside target of 5400. A stop loss on the trade at 5270 works to define risk nicely.
- Entry two will signal if we get a close below support, at which point we will enter short towards a downside target of 5100 flat. A stop loss on this one at 5220 does the job.
Chart courtesy of Trading View