A little earlier on this morning we published our twice daily bitcoin price watch piece, highlighting the levels that we were pitching to keep an eye on during the European session on Wednesday. Action has now matured throughout the day, and as we head into the beginnings of tonights Asian session, are we still looking at the same levels, how has action today altered our strategy for this evening, and where are we looking to get in and out of the markets if we get any volatility during the session? Let’s take a look. First, as usual, have a quick look at the chart to get an idea of what we’re watching.
As the chart shows, we broke above in term resistance this afternoon, and it has put us in a long entry towards a medium target of 255 flat. For those not yet in a trade, however, keep an eye on 250.99 for a potential retest and a second opportunity to enter towards a target of 255. Alternatively, if we break back within range (this will take us out on a stop loss hit) then we are going to look at 248.02 to the downside. If you’re not already in a long trade, a break back below 250.99 would present an opportunity to get in short towards in term support at 248.02.
If we break below this level, and close below it on the intraday chart, we will look to enter short towards a slightly longer term target of 242.83. On this one, a stop somewhere around 249.5 will help to keep things attractive from a risk management perspective.
Charts courtesy of Trading View