Bitcoin Price Watch; Here’s Our Weekend Strategy

So that’s it – the end of the week. We’ve had some considerable up and down swings in the bitcoin price since Monday, and as we mentioned in the first of our twice daily bitcoin price watch pieces this morning, we’ve been able to get in and out for a profit on a couple of occasions. This morning we highlighted a relatively tight range and set up against price breakouts on this range. This evening, and with the day’s action taken into consideration, we are going to do pretty much exactly the same.
Price action today has been pretty flat, and a false breakout here and there on the intraday charts aside, we’ve not really had that much to go at.

We often see some sharp action over the weekend, however, so as the US session draws to a close tonight, and as the Asian session opens on Saturday morning, we’ll likely see some volatility.

With this in mind, what are the levels we are focusing on in the bitcoin price going forward, and where will we look to get in and out of the markets on any action? As ever, get a quick look at the chart below to get an idea of the range in focus.

Screen Shot 2016-05-13 at 17.26.15

Screen Shot 2016-05-13 at 17.26.15

As the chart shows, tonight’s in term support sits at 451, and resistance comes in at 455. It’s pretty tight, so we’ll be looking at breakout only.

A close above in term resistance will signal a long position towards an initial upside target of 460 flat, with a stop at 452.5 to define risk on the position.

Looking south, a close below support to the downside will put us short towards an initial downside target of 445 flat. A stop on this one somewhere in the region of 453 limits our downside on the trade.

Charts courtesy of SimpleFX

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