Well, there we go, another week of trading the bitcoin price nearly over. As we said this morning, it’s been a great week for our breakout strategy. When tings move like they have done this week, it’s difficult not to profit from the volatility. All we needed to do was set up our key levels and wait. That’s all we ever really do, but sometimes (when price action is choppy, for example) it doesn’t work out as simple as that.
Anyway, we’ve got a US afternoon session to go before the weekend kicks off, and we’re going to see if we can close out on a high. Things didn’t trade so well today, but we didn’t lose anything, and when you’re heading into the close of a week like this that’s just as important as taking anything out of the markets.
So, with this said, and as we look ahead to the weekend, here’s what we are targeting in the bitcoin price going forward, and where we are looing to get in and out of the markets according to our intraday strategy.
As ever, take a look at the chart below to get an idea of where things stand.
As the chart shows, we are looking at in term support to the downside at 687 flat (a little down on this morning’s support) and in term resistance to the upside at 694.
We’re going to focus purely on our breakout strategy (although there’s probably enough room for an intrarange approach if we really wanted to push for it).
So, long on a close above resistance, with a target of 700 flat. A stop at 681 defines risk nicely. Conversely, if we see a close below support, we’ll be in short towards 680 flat.
Let’s see how this plays out.
Have a great weekend!
Charts courtesy of SimpleFX