In this morning’s bitcoin price watch analysis, we noted that the range we were focusing on was pretty much exactly the same as that which we outlined yesterday evening – albeit with some slightly altered risk management and profit target parameters. We headed into today’s session with the intention of bringing both our intrarange and our breakout strategies into play, with the goal of drawing a profit from the market as we head into the latter end of the week.
Action has now matured throughout the session, and we are about to head into the US afternoon – and beyond that – the Asian Friday open. With this in mind, what are we looking at for this evening’s session, and how has today’s action affected the way we are looking at price action tonight?
As ever, to get an idea of what we are focusing on, take a quick look at the candlestick chart below. It’s a fifteen-minute candlestick with the last twenty-four hours of action highlighted.
As the chart shows, the levels we are focusing on for tonight’s session are in term support at 442 and in term resistance at 446. Action today has been relatively flat, so the parameters are not all that different to the ones we outlined this morning – that, is just a little narrower than before.
So, with the parameters outlined, let’s take a look at how we’re looking to trade these levels.
We’re going to focus primarily on the breakout approach, so a long trade on a close above support will target an initial upside target of 451, and a stop on this position somewhere in the region of 444.5 defines risk on the trade.
Looking short, a close below resistance will put us in to the downside towards a target of 435, and we’ll place a stop loss at 443.5 to ensure we are taken out of the trade on a bias reversal.
Charts courtesy of Simple FX.
Header Image: NewsBTC Graphics
