Alrighty then. Things are really starting to pick up in the bitcoin price now, and we’re seeing some strength pretty much across the board in the bitcoin space. Whether it’s the fundamental concerns that plagued sentiment a few weeks ago lifting, or simply that volume is shifting away from the negative side of the fence and weighing towards the bulls, we’re not sure. Whatever it is, it’s fuelling some nice action, and we’ve managed to get in and out of the markets on a number of occasions across the last couple of days on the back of said action. As to how long it’s going to last, we’ll have to wait and see. These sorts of movements have turned around on us pretty sharply on a couple of occasions already this year, and while it would be great for us to highlight 1300 as a level to watch near term, and potentially beyond, if the level breaks, there’s no guarantee that we’ll reach it, never mind break it.
Anyway, we’re looking at the intraday charts right now, so let’s get some key levels outlined for this evening’s session, and see if we can’t draw a profit from the shorter term volatility.
So, take a look at the chart below to get an idea where things stand. It’s a five-minute candlestick chart and it’s got our range overlaid in green.
As the chart shows, the range we are looking at for this evening’s session is defined by support to the downside at 1253, and resistance to the upside at 1263. If we see price close above resistance, we’re going to get in long towards an upside target of 1275. A stop at 1260 looks good.
Looking short, a close below support will get us into a downside entry towards 1240. Stop at 1257 on this one.
Charts courtesy of SimpleFX