The weekend is pretty much upon us, and with it, we are drawing to a close yet another week’s worth of action in the bitcoin price. Things have been a little mish-mash this week. Our trading throughout the early week was relatively subdued, primarily as a result of the lack of any real sustained momentum in the markets coming out of the holiday weekend in the US. Having said this, we’ve had a few nice entry opportunities, and a couple of solid positions. Yesterday’s action brought with it some upside action, and we were able to get in long (pretty much straight after we published the first of our two bitcoin price watch analyses), and in turn, get out for a nice profit take. Price shot up throughout the late session last night, and the question now, is whether or not this upside momentum is likely to continue as we head into the last day of the week and, beyond, in to the weekend.
We don’t know what type of action we’re going to get, of course. That said, what we do know, is that we can get in on either side of the market if we set up our key levels correctly.
So, with this in mind, here’s a look at how we aim to approach markets this morning, taking into account overnight action. The chart below shows our morning range highlighted and overlaid onto a five-minute candlestick chart.
As the chart shows, the range on which we are focusing this morning is defined by in term support to the downside at 761 and in term resistance to the upside at 774 flat. It’s pretty wide, so intrarange is an option for the aggressive trader.
For breakouts, long at a close above resistance with a target of 785 flat, stop at 771. Looking short, a downside entry on a close below support and a target at 753 flat looks good.
Charts courtesy of Trading View