At the end of last week, we widened out our range a little bit and headed into the weekend looking to draw on our intra range strategy in order to take advantage of volatility in the bitcoin price. Action has now matured over the weekend, and as we head into a fresh European week, we are going to revert back to out standard bitcoin price breakout strategy for today’s session. So, with this said, here are the levels we are keeping an eye on today, alongside our predefined risk management parameters for the session. Take a quick look at the chart to get an idea of where we are heading.
As the chart shows, action in the bitcoin price over the weekend brought us to trade up on last week’s close, with a breakout during Sunday afternoon proving the catalyst for some longer term upside momentum. Post breakout, the levels we are looking at are those that define today’s range – quite a tight one with in term support at 246.69 and resistance at 248.5.