Bitcoin Price Watch; Here’s Our Weekend Scalp Strategy

This morning, in the first of our twice daily bitcoin price watch pieces, we noted that the week so far had given us plenty to go at, and that this meant we were net up on the markets heading into the final session. We also noted that if we didn’t have too rough a trading day today, we could close the week out for a nice gain. Action has now matured throughout the session and things didn’t go quite as we’d hoped. Not terribly, and we still end the week net up on the markets, but not great.

We highlighted a very tight range and suggested we would get in on a break of that range, looking to take a quick scalp profit from short term momentum. Shortly after we published the analysis, we got a break to the upside, but this break quickly reversed and took out our stop loss on the position. We also got a downside break, but price failed to close below support and so our entry never activated. We are now trading somewhat mid range from this morning’s levels, but we are going to widen out our parameters a little to incorporate today’s action.

So, with this said, let’s get a look at what we are going for tonight, take a look at the chart below to get an idea of what’s on before we get started.
Screen Shot 2016-08-19 at 19.16.34

Screen Shot 2016-08-19 at 19.16.34

As the chart shows, the levels in focus for this evening are in term support to the downside at 573 and in term resistance to the upside at 576. It’s still a very tight range, so no intrarange for the session this evening.

If price breaks above resistance, we will get in long on the close towards an initial upside target of 580. Stop at 575.

Conversely, a close below support signals short towards 568.

Charts courtesy of SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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