It’s been a strange week in the bitcoin price yet again. We’ve seen some technical patterns, some consolidation, and even – thankfully – some breakout action from which we’ve been able to place trades according to our intraday strategy. Unfortunately, it looks as through we might be in for a relatively stagnant end to the week. Action overnight on Thursday was pretty uninspiring, and while it did get us un to a long trade (which we remain in as things stand), we pretty much just saw a gradual upside run characterized by tight, narrow frame candlesticks. We’d like to see two things today, before the end of the US session and what we might officially call the weekend.
The first, a solid close above or below one of our key levels to give us an excuse to enter a final position and the second, a sustained run in the direction of or entry that carries us through to our target. I guess as an addendum third, we’d like to see our current trade remain net black and close out profitably also.
So, with this in mind, what are the levels we are looking to trade as we head into this morning’s European session in the bitcoin price, and where will we target if one of our entries validates on any action? To get an idea of what’s on, take a quick loo at the chart below.
As the chart shows, our approach today is going to base on a similar range to the one we watched last night, albeit slightly altered to accommodate Thursday evening action. Specifically, we’re going to raise in term support to 425.53 – the latest swing high. If price closes above this level, we’ll go long towards an initial upside target of 430 flat.
Short on a close below support towards 415 flat, stop at 422.5 to define the risk on the position.
Charts courtesy of Trading View
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