Late last night, when we published the second of our twice daily bitcoin price watch pieces, the market was hovering around the $300 mark. Action has now matured across the Asian session, and we are heading into a fresh European session today. As we head into the session, where is the bitcoin price currently trading, what happened overnight, and how has the Asian session influenced our strategy for today’s session? Take a quick look at the chart to get an idea of what we’re watching.
As the chart shows, the levels in focus for todays session are in term support at 304.75 and in term resistance at 309.89, the the downside and the upside respectively. We’ve got a reasonably tight range in play today, so we will stick with our standard breakout strategy rather than bring our intrarange into the equation.
Initially, we will look for a break above in term resistance, alongside a close above that level, to validate a medium term upside bias and put us in a long trade towards an upside target of