So that is another day of trading done and out of the way, and there’s not a huge amount to discuss. The bitcoin price ranged pretty solidly throughout the early half of the day, and this has given us a pretty decent range to work with. We’ll use the range to go at price with both an intrarange approach and a breakout strategy this evening, and with any luck we’ll be able to draw a profit form the market on any volatility.
So, we’ve said there’s not much to discuss, so we won’t ramble. Take a look at the chart below to get an idea of what’s on, and we’ll get things kicked off.
It’s a five-minute chart as ever, and our range is overlaid in green. The range is a little wider than we’ve been using over the last couple of weeks (though far from our widest to date) and it means we could get some nice intrarange action going if price allows it.
As the chart shows, the range that we are focusing on this evening is defined by in term support to the downside at 779, and in term resistance to the upside at 789. This ten-dollar range is great for an intrarange strategy, so we’ll look to get in long on a bounce from support, and target resistance. Conversely, if price corrects from resistance, we’ll be in short towards support.
Looking at our breakout strategy, a close above resistance will get u sin long towards an immediate upside target of 797. A stop on the trade somewhere in the region of 785 will ensure we are taken out of the position in the event that price reverses against our bias. Looking short, we’ll get in to the downside if price closes below support. A target of 763 works well on this one.
Happy Trading!
Charts courtesy of SimpleFX