So we’re going to take a final look at the bitcoin price for this evening, and as part of this final analysis, attempt to put some levels together with which we can draw a profit from the market during the late US session, and beyond into the weekend.
Action today has been similar to that which we’ve seen all week – price has jumped around in moves of all sorts of shapes and sizes, and we’ve managed to get in and out of the markets on a number of occasions on the back of this volatility.
As we noted this morning, from an intraday perspective, it doesn’t really matter if price goes up or down – so long as we see some movement. Sure, it’s nice to get some sustained upside momentum, as everyone’s happy when long term holdings appreciate, but it’s not necessary for us to make shorter term profits.
So, with this in mind, let’s get some things outlined for the session today, As ever, get a quick look at the chart below before we get started to get an idea of what happened during the session today, and where we are looking to get in and out of the markets according to our strategy rules as and when prices moves.
As the chart shows, the range in focus for this evening is defined by support to the downside at 1310 and resistance to the upside at 1328. We’re going to go at things with or standard breakout approach, so if we see a close above resistance, we’ll look at getting in long towards an immediate upside target of 1340. A stop at 1325 works to keep our risk limited.
Looking short, a close below support will put us in towards 1300 flat, and we’ll place a stop loss at 1314 to define risk.
Let’s see how things play out.
Charts courtesy of SimpleFX