We are about to kick the day for a fresh session of trading in the bitcoin price and things are already looking like we’re going to have an interesting session. Price has moved considerably overnight (albeit in a variety of directions) and things are moving pretty fast heading into the late morning out of Europe.
Here’s what we are hoping for – some degree of strong breakout (ideally to the upside) with a subsequent, sustained run in the direction of the break (again, ideally to the upside). When we see this sort of action, it gives us an opportunity to not only get in on the break but also to ride out the trade towards profitability as the trade matures.
That’s what we’re looking for but, of course, just because we’re looking for t doesn’t mean it’s going to happen, which is why we ensure we’ve always got some strict risk management principles in place on every trade we get into.
So, with all that rambling out of the way, let’s try and get some levels outlined that we can use to push into the session today and that we can use to take advantage of any of the sort of action described above, if and when it comes around.
As ever, then, take a quick look at the chart below before we get started so as to get an idea where things stand. It’s a one-minute candlestick chart (our standard timeframe) and it’s got our primary range overlaid in green.
As the chart shows, the range we’ve got in our sights for the session today comes in as defined by support to the downside at 10975 and resistance to the upside at 11095.
If we see price close above resistance, we’ll jump into a long trade towards an immediate upside target of 11150.
Conversely, a close below support will have us in short towards 10890.
Let’s see how things play out.
Charts courtesy of Trading View