The end of the European session is here, and it’s time to take a look at action in the bitcoin price today with a view to setting up a strategy for this evening. We got a bit of volatility earlier today, and managed to get in on a downside break for a quick scalp profit. Whether we will get a repeat of this volatility moving forward remains to be seen – there’s not been too much to speak of across the last few hours, and volume has been pretty weak. This may change as the US session heats up pre-close, and as the Asian session kicks off early morning.
With that said, we’ve got a pretty nice range to go at, with action throughout the session having carved out some pretty solid levels, and this should give us some good entry points this evening if the parameters are broken.
So, with this in mind, and as we move in to this evening’s session, let’s take a look at the levels in focus, and see if we can draw a profit from the market on this evening’s action.
As ever, take a look at the chart below to get an idea of where things stand. It’s a five-minute candlestick chart with the last twelve hours’ worth of action displayed. 
As the cart shows, the range we are looking at this evening is defined by in term support to the downside at 783, and in term resistance to the upside at 788. We’re looking primarily at our breakout approach this evening, so intrarange is off the table for now.
Specifically, if we see price break above resistance, we will look to get in long towards an upside target of 795 flat. Conversely, a close below resistance will get us in short towards 775. Stops on both entries just the other side of the entry keeps risk tight.
Charts courtesy of SimpleFX
