Bitcoin Price Watch; Tonight’s Key Levels 2017-05-24

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We are coming to the close of the European session, and the US afternoon is well underway. In this morning’s bitcoin price analysis, we noted that action over the last few days implied plenty of further upside potential, and we set up against price with a relatively wide range accordingly. Our primary target was a breakout to the upside on a break of resistance, and an entry subsequent to the breakout towards 2375. We got more than we asked for. The breakout occurred shortly after we published our analysis, and price quickly ran up to break highs of 2400 before correcting. We are currently trading in and around this level right now and we’re going to shift our range to the upside in order to accommodate the move, and in turn, attempt to draw a profit from market on any similar volatility. there’s a chance we may see a near-term correction, so this doesn’t guarantee we will get an upside trade on the go. As per the rules of our strategy, of course, this doesn’t really matter. If we see a downside entry, we will get into the market and trade bias-neutral

There’s a chance we may see a near-term correction, so this doesn’t guarantee we will get an upside trade on the go. As per the rules of our strategy, of course, this doesn’t really matter. If we see a downside entry, we will get into the market and trade bias-neutral

So, with this in mind, take a quick look at the chart below to get an idea of what we are focusing on this evening. It is a five-minute candlestick chart and it has our key range overlaid in blue.

As the chart shows, then, the range we’re looking at right now is defined by support to the downside at 2392 and resistance to the upside of 2419. We will initially look for close above resistance to get us in towards an immediate upside target of  2440. Conversely, a close below support will put us into a short trade towards 2370. Stop losses on both trades just the other side of the entries define risk nicely.

Chance courtesy of Trading View