Bitcoin Price Watch; The Week Ahead

It’s the start of a fresh week, and the weekend just gone has been a bit of an anomaly when compared to the last couple of months’ worth of action. Often, we will see a large, distinct, and usually sustained, price move.  Across the weekends just gone, however, price has remained relatively flat. What this means for the week going forward – as yet that she was unclear, but chances are we will see a bit of movement as volume returns to the market. So, and as we head into a fresh with straight, what levels that we’re focusing on in the bitcoin price, and where will we look to get in and out the markets as price matures? As ever, take a quick look at the chart below to get an idea of the range in question. It is a 15-minute candlestick chart representing the last 24 hours’ worth of action in the bitcoin price.

Screen Shot 2016-05-09 at 10.15.51

Screen Shot 2016-05-09 at 10.15.51

As the chart shows, the range we are looking at for today is defined by support to the downside at 453 and, to the upside, resistance comes in at 457. It’s probably a little too tight to attempt an intrarange strategy, but for those looking for an aggressive entry, long at support on a bounce and short at resistance on a correction is a valid opportunity if volume picks up. On these trades, a stop loss just the other side of the key level entry will ensure the positions become nullified if sentiment reverses.

Looking at things from a breakout perspective, a close above resistance will signal a long entry towards an initial upside target of 465. Conversely, a short entry will signal if price closes below 453. A target on this latter position at 448 looks good. Just as with the intrarange trades, a stop loss one or two dollars the other side of the entry keeps things tight from a risk management perspective.

Charts courtesy of SimpleFX

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