So that’s another day done out of Europe in the bitcoin price, and once again, we’ve had plenty to go at. As a matter of fact, as we right this analysis, we are in a short trade based on our predefined strategy that we outlined this morning. This trade is ongoing towards a downside target of 685 flat – a level we came close to hitting a little earlier on but didn’t quite make it – and so, for now at least, we won’t be getting into any fresh trades.
Our strategy dictates that we let one trade mature before kicking off another, and that’s exactly what we are going to do this evening. Of course, that wouldn’t make for particularly interesting reading, so we’re going to outline our key levels in this analysis as if we weren’t in a trade, and then if our trade resolves, we can apply (or maybe slightly alter) our predefined levels to accommodate the action.
Additionally, for our readers that are not yet in a trade, our forward levels serve up an opportunity to get in on today’s action.
So, with this said, and as we head into the session this evening, here’s a look at what we are going for in the bitcoin price, and where we would have gotten in and out of the markets if we weren’t currently holed up in a position. As ever, take a look at the chart below to see our focus levels.
As the chart shows, the levels we are looking at are in term support to the downside at 686, and in term resistance to the upside at 690. Tight range, tight risk parameters. That’s the motto.
A close above resistance will put us long towards 700 flat. Conversely, a close below support will get us in towards 680. Stops just the other side of the key levels to keep risk well-defined.
Charts courtesy of SimpleFX