We don’t want to jinx things, but it looks as though the bitcoin price might have finally settled around current levels. Overnight action brought with it what looks to be some pretty solid support in and around the 910 mark, and price has since recovered from these levels. We’re now trading sideways mid way through the European morning session, and it looks as though this action may continue as we move forward into the afternoon. Of course, given recent action, we can’t say anything like this for sure. However, price had to find some degree of support sooner or later, and around here is as good as any level from a speculative perspective.
What it has done, is given us some pretty solid levels with which to go at for today’s intraday strategy.
So, with this in mind, and as we move forward into the latter half of this European morning session, let’s try and figure out some entry and exit points, in an attempt to draw a profit from the market on any volatility. As ever, take a quick look at the chart below to get an idea of the levels in focus. It is a five-minute timeframe, with around 12 hours’ worth of action displayed.
As the chart shows, the range in focus for today’s session is defined by support to the downside at 923, and resistance to the upside at 930. There isn’t enough room to go at price intrarange today, so we will be focusing on breakout only.
Specifically, if we see price break above resistance, we will enter long towards an immediate upside target of 940. A stop loss on the trade somewhere around 927 defines risk. Conversely, a close below support will put those in short towards 913. A stop loss on this one at 926 keeps things tight to the upside and will ensure we are taken out of the trade in the event of a bias reversal.
Charts courtesy of SimpleFX
