So that’s the end of another day of trading in the bitcoin price and things have been pretty volatile throughout the session. This isn’t unexpected – we put forward our thoughts on some pending volatility as part of the first of our twice daily Bitcoin Price Watch analyses earlier this morning – but it’s something that has to be noted because it’s affected how we are going to approach things this evening.
Specifically, we are going to be heading into the session tonight with something of a scalp strategy in tow. That is, we are going to go at markets with a tightish range and look to jump in and out on short, sharp breakouts towards tight targets. We are also going to have some equally tight risk management parameters in place so as to ensure that we are taken out of any positions quickly and (importantly) for a small loss if and when things turn against us.
So, with all that said, let’s get some levels in place that we can use to underpin tonight’s trading efforts. As ever, take a quick look at the chart below before we get started so as to get an idea where things stand and where we are looking to get in and out of the markets on any movement. It’s a one-minute candlestick chart and it’s got our key range overlaid in green.
As the chart shows, then, the range we are looking at for the session tonight comes in as defined by support to the downside at 6110 and resistance to the upside at 6144. IF we see price close above resistance, we’ll jump in long towards an immediate upside target of 6190. Conversely, a close below support will have us in short towards a downside target of 6075.
Let’s see how things play out.
Charts courtesy of Trading View