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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Watch; Tonight’s Action in Focus

Samuel Rae
Samuel Rae
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Earlier this morning we published our twice daily bitcoin price watch piece. In the article, we highlighted the levels that we would be watching in the bitcoin price throughout Monday’s European session, and suggested where we would look to get in and out of the markets according to our intra-range and breakout strategies. Action has now matured throughout the session, and – as we head into the Asian session on Monday evening – what are we looking for from the bitcoin price now? Take a quick look at the chart.

bitcoin price

As the chart shows, action today has been relatively tight, and – aside from some downside movement seen mid-range this afternoon – we pretty much end the day where we began. In term support sits at 254.01 for this evening, while in term resistance sits at 258.11.

Just as with this morning, we will incorporate both an intra-range strategy and a breakout strategy into tonight’s trading.

If we can get a break above 258.11, it will put us long towards an interim target of 261.46. On this trade, a stop loss somewhere around 257 will help keep our risk profile tight.

Looking the other way, if we get a bounce from 258.11 and a downside correction, we will enter short towards a medium-term target of 254.01 according to the parameters of our intra-range strategy. A stop loss somewhere around 259.5 will keep things attractive from a risk management perspective on this intra-range trade.

A break below 254.01 would put us short towards a medium-term target of 250 flat. Conversely, a bounce from in term support at 254.01 would put us long towards the aforementioned in term resistance level of 258.11. On this trade, a stop loss somewhere around 253 will ensure we are taken out of the trade in the event that price reverses from the bounce and breaks back below in term support.

Charts courtesy of Trading View

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Samuel Rae
Samuel Rae

Samuel Rae

Comments 5

  1. cohagen says:
    10 years ago

    Losing value and market by the min. That fork was stupid idea forced by two self appointed elites who really only care about raking in loads fiat for themselves and it blew up in there faces lol.

    Reply
    • john m. says:
      10 years ago

      Quite the opposite. It’s a punishment to all of us for allowing a bunch of retrograde, fundamentalist puss*es to hijack the forward-looking progress of Bitcoin.

      Reply
      • cohagen says:
        10 years ago

        Nah still a moronic idea thinking something like this would be a true world currency. Nothing more than a toy for traders to use to pad the fiat heaps they crave ever so.

        Reply
      • cohagen says:
        10 years ago

        Another big crash today.

        Reply
      • cohagen says:
        10 years ago

        Also upvoting your own comments is weak sauce fool.

        Reply

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Comments 5

  1. cohagen says:
    10 years ago

    Losing value and market by the min. That fork was stupid idea forced by two self appointed elites who really only care about raking in loads fiat for themselves and it blew up in there faces lol.

    Reply
    • john m. says:
      10 years ago

      Quite the opposite. It’s a punishment to all of us for allowing a bunch of retrograde, fundamentalist puss*es to hijack the forward-looking progress of Bitcoin.

      Reply
      • cohagen says:
        10 years ago

        Nah still a moronic idea thinking something like this would be a true world currency. Nothing more than a toy for traders to use to pad the fiat heaps they crave ever so.

        Reply
      • cohagen says:
        10 years ago

        Another big crash today.

        Reply
      • cohagen says:
        10 years ago

        Also upvoting your own comments is weak sauce fool.

        Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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How Our News is Made

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

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