Bitcoin Price Watch; Pushing Forward Towards 600

The end of the week is the here, and it is time to take a look at the bitcoin price for the penultimate time this session. As far as the week just gone is concerned, we had some decent opportunities to get in and out of the markets according to our intraday strategy, and we’ve also been taken out of a couple of trades for a stop loss hit on some choppy momentum. We are heading into the final session for the week, and with any luck, we can maintain this position going into the weekend. So, let’s get to the details. Before we do, however, take a quick look at the chart below to get an idea of the levels in focus, and the range we are watching heading into early morning Europe on Friday. The chart is a five-minute candlestick chart showing the last 24 hours’ worth of action, and it has our range in focus overlaid.

Screen Shot 2016-08-12 at 11.53.19

Screen Shot 2016-08-12 at 11.53.19

As the chart shows, the range we are focusing on for this morning’s session is defined by in term support to the downside at 584 and resistance to the upside at 590. There are about six dollars’ worth of space between these two key levels, so we won’t be trading intrarange based on the spread. At least, that is, in the morning. If things widen out this evening, we might look to play between the lines. For now, however, we are just going to look at our breakout strategy. Specifically, if we see price close above resistance, we will look to get in long towards an immediate upside target of 600. A stop loss on this one somewhere in the region of 587 works to define risk on the trade.

Conversely, if price breaks below support, we will get in short towards 577. A stop loss on this position around 588 gives us enough room to avoid being chopped out while still ensures we are taken out the trade in the event of a bias reversal.

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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