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Over the last few weeks, our strategy when it comes to trading the bitcoin price has been incredibly effective. Buoyed by the bullish momentum, our approach has seen us take out a number of key resistance levels to bring us to where we currently trade – just shy of 340 flat and hitting fresh annual highs with each day’s action. As we head into a fresh European session today, the question becomes can this momentum continue, or are we likely to see a correction near term? Oftentimes, when the price of an asset increases at this sort of pace, we see participants booking profits and – in turn – causing the price of said asset to consolidate and correct. Whether this is the case for the bitcoin price remains to be seen. All we can do is ensure that we have strict risk management principles in place to ensure that, if we do get a medium term turnaround, we don’t find ourselves on the wrong end of a losing trade. So, with this said, here are the levels we are keeping an eye on today, alongside where we will look to define our risk. Take a look at the chart.
As you can see, in term support for today’s session sits at 329.23, while in term resistance sits at 340.05. These are the levels that define our range today.
If we get a break above in term resistance it will put us in a long entry towards an initial target of 345 flat. A stop loss somewhere around 338 will keep things attractive from a risk management perspective.
Looking the other way, a close below in term support will put us short towards 319.98, with a stop at 332 defining our risk.
Charts courtesy of Trading View
