And we are off to the races on another day’s trading in the bitcoin price. Things have been relatively bullish as far as start of the week trading goes. We managed to get in and out of a couple of nice trades earlier yesterday, and then with a combination of our breakout and our intrarange strategies brought to the table, we we’re in play another couple of times overnight. We’d love to see this sort of momentum continue. Of course, there’s a chance it may not, and there’s a chance we’ll see another test of the levels that we we’re looking at towards the end of last week – in and around the 1100 mark. If this happens, we reckon it will hold as support, but who knows.
What we do know right now is that price is likely going to move on the intraday charts, and we’re going to be watching it so that we can pull a profit out of the markets as and when it does.
So, let’s get some levels outlined for the session today, and see what we can do heading into the European session.
As ever, take a look at the chart below to get an idea of the levels we’re going for, and where we are looking to get in and out of the markets according to the rules of our strategy.
As the chart shows, the range we’ve got in our sights is defined by support to the downside at 1144, and resistance to the upside at 1156.
We’re going to look for price to break through resistance as a signal to enter long towards an upside target of 1170. A stop at 1151 defines risk. Conversely, a close below support will get us in short towards 1155.
Let’s see how things play out.
Charts courtesy of SimpleFX