In this morning’s bitcoin price watch piece, we outlined the range that we would be focusing on for the early morning session in the bitcoin price market, and noted that an element of indecision across the board (induced by the ongoing debate over the technical fundamentals of bitcoin and the blockchain) might stifle any sustained directional volatility – that is, at least, until one side of the market gained an edge. We’ve now come to the end of the trading day in Europe, and with the US clocks going forward overnight last night, are already well into the US session, and as yet, we’ve seen this thesis play out. Action in the bitcoin price has been relatively uneventful, and we’ve seen nothing that suggests a break out is on the cards any time near term. Having said this, a bit of bunching across a few of the 15 minute candlesticks on the intraday chart is testing resistance, and while it’s far from any type of entry signal, it could mean a decent move is closer than action throughout the earlier part of the day suggested. Whatever happens, we are going to bring our intrarange and our breakout strategies in to play this evening to see if we can get in in advance of any movement, and in turn, pull a profit from the market with our framework. The chart below shows the levels we are looking at.
If you read this morning’s analysis, you’ll note that the levels that define this evening’s range are the same as the ones we slated as being the ones to watch this morning. Without any breakout, and with the aforementioned bunching, there’s no real reason to shift things up.
As such, in term support at 411 flat, and resistance at 415.
A break and a close above resistance will signal long towards 419. Stop, as with this morning’s framework, somewhere in the region of 413.5.
The short entry towards 408 flat will activate on a close below 411, and a stop at 412.5 will protect the upside risk on the trade.
Charts courtesy of Trading View