Bitcoin Price Watch; Profit Target Hit!

So the European session has now drawn to a close, and it’s time to take our second of two looks at the bitcoin price market for the day. In this morning’s analysis, we outlined the levels we were focusing on and set up what turned out to be a relatively tight range on the fifteen-minute candlestick chart. We had a couple of equally tight targets, ready to take advantage of a move in either direction – long or short. As things matured, we got the opportunity to get in long on a bullish break of resistance. We entered, and a brief corrective retest aside, had a pretty clean run up to our target at 590 flat. Profit taken, and we are now net flat on the markets, with a fresh range to go at for this evening’s session. So, with this trade under our belts, let’s take a look at what we are going for for the coming Asian session, and beyond into early morning Europe. As ever, take a look at the chart below to get an idea of what’s on. The range in focus for tonight has been shifted up a little to accommodate the day’s action.

Screen Shot 2016-08-22 at 20.43.31

Screen Shot 2016-08-22 at 20.43.31

As the chart shows, our new range is defined by in term support to the downside ta 587 flat, a d in term resistance to the upside at 591 flat. Just as with this morning’s range, it’s pretty tight, so we will be ignoring intrarange entries for now. This might change if we see some strength, but it holds firm for now.

So, if price breaks through and above in term resistance we will look to get into a long position towards an immediate upside target of 597 flat. A stop at 589 defines risk.

Conversely, if price closes below support, we are going to get in short towards 580 flat.

Happy Trading!

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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