We are closing in on the end of the week, and it’s been pretty eventful period as far as trading the bitcoin price is concerned. With ups and downs, and also some pretty decent breakouts, there’s been plenty of opportunity to get in and out the markets according to (primarily) our scalp strategy. Intrarange has been a bit weak, but mainly because the bounces and corrections haven’t been particularly consistent. Anyway, that’s all in the past. We’re going to take a look at how we can set up against the markets during today’s European session, and see if we can’t get in and out for a profit on any volatility. So, with that said, and in anticipation of today’s European session, here’s what’s important. Take a quick look at the chart before we get started as ever to get familiar with the levels in focus. It is a five-minute chart showing the last 24 hours whether action, and our range in focus is overlaid in green.
As the chart shows, the levels were focusing on for this morning’s are session support to the downside at 595 and resistance to the upside at 598. This is an incredibly tight range, so we won’t be able to go anywhere near an intrarange strategy for today. Instead, however, will be able to bring in some nice tight scalp targets, and see whether they lead us.
So, if price breaks and closes above resistance at 598, we will get in on a long position towards an initial upside target of 605. A stop loss on the trade somewhere in the region of 596 will ensure that we are taken out of the position in the event of a bias reversal. Looking the other way, if price closes below support, we will enter short towards a downside target of 590. Again we need a stop loss, and 596 once again looks good.
Charts courtesy of SimpleFX