The bitcoin price has been pretty good to us so far this week. We’ve had numerous opportunities to get in and out of the markets according to the rules of our intraday strategy and repeatedly been able to draw a profit from our entries as a result. While we saw something of a correction during yesterday’s session, we are hoping we can get a return t8o the upside momentum throughout the European session today. If we can, we expect 3000 to hit soon. Didn’t think we’d be saying that this side of Christmas.
So, with this noted, and as we head into the session today, here’s a look at what we’re going for in the bitcoin price and a discussion of where we’re looking to get in and out of the markets according to the rules of our intraday strategy.
As ever, take a quick look at the chart below before we get started. It’s a five-minute candlestick chart and it’s got our key range overlaid in green.
As the chart shows, the range we’re focusing on for the session this morning is defined by support to the downside at 2766 and resistance to the upside at 2790.
We’re going to stick with our standard breakout strategy for the time being, so if we see price close above resistance, we’ll be looking at getting in long towards an immediate upside target of 2820. Conversely, and looking short, a close below support will have us in to the downside towards an immediate downside target of 2745. With action so volatile at the moment, it’s important we keep our risk limited with some tight stop losses. On the first trade, a stop at 2780 will do fine. Looking at the secondary trade, a stop loss to the short side at 2775 will make sure we are taken out of the trade if price reverses against us.
Charts courtesy of www.tradingview.com