Right then. We’re closing in on the end of the week, and it is time to start securing our bitcoin price takings with a view to ending the week on a net positive note. We’ve had a little bit of luck so far this week, getting in and out according to the rules of our breakout strategy, but we’ve also been chopped out on occasion on the intrarange side of things. For the last couple of days, however, there’s been a noticeable trend, with price edging to the upside, making higher highs and higher lows on the five-minute chart. It’s subtle, but it’s there, and it’s meant we’ve picked up plenty of strong levels along the way. Today is no different, and with any luck, the trend will continue this morning, and we’ll be able to score some take profit hits on the action.
So, with that said, and as we push forward into today’s mid morning session out of Europe, let’s take a look at the levels we are focusing on, and try and set up some targets and some stop losses to put some risk parameters in place.
Get a quick look at the chart below before we get going. The chart illustrates the uptrend nicely (at least, that is, the last six or so hours’ worth of it, and has our range overlaid in green. It also details our range in focus.
As the chart illustrates, the range we are targeting today is defined by in term support to the downside at 773, and in term resistance to the upside at 781.
We sticking with breakout (since it seems we are mid trend right now) so we’ll look to get in long on a close above resistance. If this close comes about, we’ll get in long towards 790 flat. Conversely, a close below support will put us in short towards 765.
Let’s see how things play out.
Charts courtesy of SimpleFX