Bitcoin Price Breaks Out; Recovery Abound!

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Last week, we got relatively little action in the bitcoin price as far as any discernible trend was concerned. Pretty much throughout the entire week we saw markets range up and down between predefined parameters, without really breaking out in any direction. However, over the weekend, we finally saw some action worth noting. Price looks to have made a medium-term recovery, and – with any luck – we can see a continuation of this recovery throughout today’s European session and beyond. So, with this said, what are the levels we are keeping an eye on in the bitcoin price today, and where will we look to get in and out of the markets according to our strategy? Take a quick look at the chart.

As you see, early-morning action on Sunday brought us to trade around midday highs of 244.19. From this level, we have since corrected slightly, and reached intraday lows of 238.4 for earlier this morning. These are the two levels that we will be keeping an eye on as we head into today’s session.

We will initially look for a break above 244.19 put us long towards a medium-term upside target of 250 flat. Quite a lot of room to the upside here, so stop loss somewhere around 242.00 is warranted. Looking the other way, a break below 238.4 full short towards 233.88 to the downside. Hopefully the overarching bullish momentum will carry through, however, and we want you to get in and out of the trade. An alternate range bound trade is available for those looking for a little more action – long a bounce from support at 238.4 forward a target of 244.19. Conversely, short  on a correction from resistance towards a downside target of support at 238.44. Either of these trade, a stop loss just the other side of the key levels in question should keep things attractive from a risk management perspective.

Charts courtesy of Trading View