Nothing seems to be offering up much support in the bitcoin price at the moment, and each time we come to set up against the market with a fresh morning analysis, we end up looking at early morning lows. Whether this will continue as we head into the weekend remains to be seen, but it’s a distinct possibility. There was some speculation that a British exit from the UK would trigger risk off sentiment in wider asset markets, and in turn, this would drive a shift towards safe havens. Further, that bitcoin is one such haven, and that we would likely see a price gain on the back of the fundamental action. As things have turned out, the opposite is looking true right now, but this might all change once news starts o trickle in out of the UK this evening.
Regardless, if we set up against both sides of the market we should be ok to draw a profit on movement either way. So, with this in mind, let’s take a look at some of the levels in focus for this morning’s session.
Take a quick look at the chart below to get an idea of our primary target zones.
As the chart shows, we are looking at in term support to the downside at 540 flat, while out upside level comes in at 600 dead on. It’s a far wider range than we’d normally go at in these sorts of intraday analyses, but given the recent volatility, it’s reasonable.
SO, long on a close above 600 flat will give us an upside target somewhere in the region of 620. A stop loss on the trade at around 505 keeps things tight to the downside from a risk management perspective.
Looking short, a close below support will signal a downside entry towards 530 flat. Stop at 544 on this one.
Charts courtesy of Trading View