Bitcoin Price Watch; More Upside Tonight?

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Things just keep getting better and better in our bitcoin price trading. We noted this morning that we would love to see a continuation of the volatility that carried us through the 700 resistance level over the weekend, and that if we did, we would likely be able to pull a decent profit out of the market with our breakout strategy.

Our upside trade was pretty aggressive (because we basically don’t expect price to break through support around the 700 flat mark anytime soon) and we were vindicated on today’s action. Price broke clean through our resistance level, and we managed to get in and out of the markets for a tidy upside return on the action.

Late afternoon action has consolidated somewhat, and things have settled down a little bit, but this doesn’t mean the volatility is over. Price is very much responsive to volume right now, and volume is high based on the gains. So long as we don’t see too high a degree of profit booking throughout the US session tonight, we’re on for another upside run.

It may be selective trading on the back of risk off sentiment – the US election nears – but who knows. In all honesty, from a short term trading perspective – who cares?

Let’s get to the action.

The chart below shows today’s movements and highlights our focus levels for this evening.

As illustrated, we’re looking at support to the downside at 711 flat, and resistance to the upside at 717. Breakout only for this evening – action is a little too volatile for us to risk a chop out on the intrarange strategy.

So, a close above resistance will put us in a long position towards an immediate upside target of 725. Conversely, a close below support will put us short towards 705 initially. Stops just the other side of the entry to manage risk.

Let’s see how things pan out.

Charts courtesy of SimpleFX