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In yesterday’s twice-daily bitcoin price watch piece, we pointed out 285.86 has presented us with long-term resistance, and that it was proving to be a very difficult price to reach or break above as far as getting in according to a bullish bias was concerned. Once again, overnight on Tuesday, we reached this level and quickly reversed to correct to the downside. With this said, what are the levels that we are keeping an eye on in the bitcoin price today, where did action overnight suggest that price might go during today’s European session, and how can we get in and out markets according to our intraday breakout strategy in the sense that we do get some of the volatility we are looking for? Take a quick look at the chart.
As you see, having corrected from aforementioned 285.86 (now serving as in term resistance) we reached daily lows of 281.55. This is the level to keep an eye on to the downside, and brings us in term support as we head into today’s session.
We will first be looking for a continuation of the current bearish momentum to break 281.55 a close below it on an intraday chart. In the event we get this break, it will put us short towards a medium-term target of 277 flat. A stop loss somewhere around 282.5 will help us to maintain a positive risk reward profile on the trade.
Looking the other way, if we can return to 285.86 and break above in term resistance (finally!) We will look for an initial run up towards 287 flat. This is a little tighter than the 290 we have been aiming for in the past few trades, but since we seem to be struggling to break all the way to that level it serves as an interim target. If we can break above, it will bring 290 to play longer-term.
Charts courtesy of Trading View
