That’s another day complete in our bitcoin price trading efforts and – once again – we’ve had a cracking one. Things are now all but entirely recovered from the correction that came a few weeks ago on the bag of the China farce and the bitcoin price is now very much under the control of bulls.
Exactly how long the bulls can remain in control is unclear – there’s another correction coming at some point, we just don’t know when it is.
With that said, however, so long as things remain volatile like they are right now, we’ll be able to draw a profit from the markets using our tried and tested intrarange strategy.
So, with that said, how are going to approach the markets tonight?
Let’s take a look.
As ever, take a quick look at the chart below before we get started so as to get an idea where things stand. It’s a one-minute candlestick chart and it’s got our range overlaid in green.
As the chart shows, then, the range we are using for our intraday efforts this evening comes in as defined by support to the downside at 4360 and resistance to the upside at 4406. If we see a break above the former, we’ll look out for a close above that level to validate an upside entry towards a target of 4445. Conversely, a close below support will have us in short towards a downside target of 4310.
We need to make sure that we’ve got stop losses on both positions so that – if things turn against us – we won’t get caught in the markets on the wrong end of a run. On the long entry, a stop at 4395 should work well. On the short side of the strategy, a stop at 4370 works to keep things tight.
Let’s see how things play out.
Charts courtesy of Trading View