Sometimes, when it comes to intraday trading, things just go right. We can have weeks of small gains or losses, and then all of a sudden a string of decent scale wins come along. This is why patience (and a consistent strategy) is so important. This week has been a great example of the latter situation. Each day we have seen our range and breakout strategy signal an entry, and then seen the bitcoin price validate that entry with a target hit. Yesterday was no different – and as we head into a fresh session on Friday in Europe, we are looking to end the week on a high. So, with this said, here’s what we are looking at today in the bitcoin price. Take a quick look at the chart.
As you can see, the bitcoin price broke out of our range a little earlier on this morning, and proceeded to run up to what now serves as intraday highs and in term resistance concurrently, 259.88. This is the level we are watching to the upside. To the downside, we are looking at our breakout level at 256.52.
If we get a break above in term resistance it would suggest a continuation of the overarching bullish momentum we have seen this week, and a close above this level would put us in long towards a medium term target of 265 flat. A stop somewhere around 258.5 will define a nice risk position.
Looking the other way, a run down back towards support, and a close below this level on the intraday, will put us short for a slightly smaller reward, with an immediate target of 253.45. A stop loss on this one somewhere around 258 flat will keep things attractive from a risk management perspective.
Charts courtesy of Trading View