Bitcoin Price Rockets; More to Come?


Its been a while since we saw this level of volatility across the bitcoin price. Action over the last week or so has brought the bitcoin price to trade close to 260 – its highest level in months – and it seems we are in for further upside action on a continuation of this trend in the coming sessions. The most recent breakout, the one that brought us to trade at highs of 256 earlier today, took place late yesterday evening, just as the Asian session kicked off. If we see some mute action today, we will target a similar breakout this evening, with a reasonably placed upside target. For now, however, and as we head into a fresh European session, here’s what we are looking at today. Take a quick glance at the chart to see our key levels.

Screen Shot 2015-10-15 at 13.35.22

Mid Post Ads

Mid Post Ads

As you can see, today’s ones to watch are in term resistance at 256.44 (aforementioned highs) and in term support at 250.25. These levels define our range for the upcoming session.

If we get a break below I term support at 250.25, it will put us short towards a medium term downside target at 245 flat. A stop loss on this one somewhere arounf 252 will leave us plenty of room to avoid being chopped out in the event of a bias reversal.

Looking to the upside (and in support of our overarching fundamental bias) we will look for a break above 256.44, followed by a close ablove this level on the intraday chart, to put us in a long trade towards a slightly shorter term target of 260 flat. Again a stop loss is required on this one – somewhere around current levels ar 254 should do the trick.

Charts courtesy of Trading View

Source link