Bitcoin Price Watch; Finally Some Support?

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.

Screen Shot 2016-06-23 at 12.15.01

Screen Shot 2016-06-23 at 12.15.01

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

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