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In this morning’s bitcoin price watch piece, we highlighted the levels that we would be watching throughout today’s European session, and suggested how we would respond to the bitcoin price reaching these levels as far as getting in and out of the bitcoin market was concerned according to our intraday breakout strategy. Today’s European session has now drawn to a close, and – as we head into the weekend – we expect to see some further volatility. Perhaps not quite as much as we saw last weekend, primarily as a result of the lack of fundamental drivers expected this weekend, but still enough to help us get in and out of the markets and hopefully draw profit on any action. So, with this said, what are the levels we are watching this evening, and where will be looking to trade towards in the event that we get an entry signal? Take a quick look at the chart.
As you see from the chart, throughout today’s session we have remained within the range we slated this morning, defined by in term support at 272.28 and resistance at 279.05. These will be the levels we watch this evening, and – if they remain unbroken – will remain the levels we watch as we head into Saturday’s session.
First we will look for a break above 279.05 (as this is in line with the current momentum) to validate a bullish medium-term entry towards an initial upside target of 285 flat. With about five dollars worth of reward on offer here, a stop loss somewhere around 277 is valid in order to keep a positive risk reward profile on the trade.
Looking the other way, if we get a bounce from current levels, we will look to enter short towards in term support as an aggressive intra-range trade. On this trade, a stop loss just above resistance (somewhere around 281 flat) will make the trade attractive from a risk management perspective.
Charts courtesy of Trading View
