In our bitcoin price intraday technical analysis piece this morning, we highlighted the range bound action we saw in the BTCUSD throughout Thursday night, and suggested that the levels to keep an eye on would be in term support and resistance that defined the range. We outlined three possible scenarios. The first, one in which price broke through in term resistance, giving as a medium-term bullish bias with an intraday upside target of 253.73. The second, a downside break of in term support, and the offering of a medium-term bearish bias towards 243. Finally, a continuation of the range bound action and the opportunity to enter short at resistance and long at support. It is the latter of these three scenarios we have seen play out as price action has matured, and as such, our interpretation of the bitcoin price throughout the US afternoon session will remain very similar to that of this morning.
The levels we are watching are 246 to the downside and 250 to the upside, with our response to price action around these levels as described in the previous paragraph. The only thing that has changed is our potential stop loss placement. We have seen quite a lot of volatility throughout the European session, and so slightly wider than normal stops are necessary to accommodate any potential spikes – and avoid us being chopped out of a range trade.
Have you drawn any profit from today’s action in the bitcoin price? Do you trade bitcoin or any of the other altcoins? Let us know where you are looking as we head into the weekend!
Charts courtesy of Trading View