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With action being relatively muted over last few days, it’s been tough to day trade in the markets. The bitcoin price has traded gently to the downside, having declined steeply over the weekend, but not in a fashion that has enabled us to get in and out according to either of our core strategies – intraday breakout or intra-range. For this reason, the levels that we have been keeping an eye on have remained relatively stable during the past three days. However, with this said, and as we head into a fresh European session, what are the levels we are keeping an eye on today, and do we expect any volatility? Take a quick look at the chart to start with.
First, it’s important to say that we don’t “expect” volatility, but this does not mean that we cant line up in order to take advantage of any if we get it. The levels to keep an eye on today are in term support at 254.61 and resistance at 259.12. These will be our parameters as we head into today’s European session.
If we can get another touchdown at 254.61, we will initially look for a bounce to validate a medium-term downside entry towards 259.12. On this trade, a stop loss somewhere around 252 will help to maintain a positive risk reward profile and ensure that we are taken out of the trade in the event of a bias reversal.
Looking the other way, if we do reach 259.12, a downside correction from this level would put us short (once again) towards in term support at 254.61. On this one, a stop loss around 261 will keep things attractive from a risk management perspective. From a breakout angle, a run past 259.12 and a close above it on an intraday level would put us long towards 263.
Charts courtesy of Trading View
