Bitcoin Price Watch; Profits On The Cards!

So that’s the day over, and it’s time to take our final look at the bitcoin price for this half of the week. Things have been slow so far this week, and the only real moves have come as the US session draws to a close and – shortly after – the Asian session kicks off. This could well happen again tonight, but with any luck we’ll see some volatility ahead of this period so we can get in to a position before session shutdown.

Whatever happens, we’ll be ready to go.

In this morning’s analysis, we mixed things up a little, and went for what we referred to as a binary strategy. Specifically, we plotted a key level and looked to enter in the direction of a break (in either direction) and target a pretty humble $5-dollar target. As things played out, this strategy got us into a trade (on a close above our 610 threshold) but we are yet to take profit on the trade. Our target is at 615, and price only managed to log highs just ahead of 613.

So, while we are in that trade, we are going to leave it alone and see how things play out. Our stop is down just below 610, so there’s not much to lose if things fall apart.

Looking specifically at this evening, we are going to bring our breakout strategy back to the fore. The chart below highlights the key levels.

screen-shot-2016-10-05-at-18-21-22

screen-shot-2016-10-05-at-18-21-22

As the chart shows, the range in focus for this evening is defined by support to the downside at 608, and resistance to the upside at 613. If price breaks below support, we will look to get in short towards 603 to the downside. Conversely, a close above resistance will put us long towards an immediate upside target of 618.

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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