Bitcoin Price Watch; Riding The Price Waves

We have come to the end of another week in our bitcoin price trading efforts and it is time to put together some levels with which we can get ahead of the markets during the early morning session out of Europe on Friday.

Things have been pretty interesting this week.

We have seen some up and down action and – towards the end of the week – a reversal of the correction that we saw on the overarching upside bias that dominated across the last couple of months. Overnight last night, price did take a dip, and – while we said yesterday evening that we thought the correction had probably come to an end – chances are we are going to see this sort of jagged action temporarily as markets rebalance. As long as the troughs and dips come at us with a reasonable amount of sustained momentum, it doesn’t really matter. We can get in and out as and when price turns around, trade breakouts, and profit from the volatility. If things get choppy, we will have to bring our intrarange strategy to the table, but for now, we’re going to stick with breakout only.

So, with this noted, let’s get some key levels outlined for the session.

Take a look at the chart below to get an idea of what is on and where we’re looking to get in and out of the markets according to the rules of our intraday strategy. It is a five-minute candlestick chart and it has our key range overlaid in blue.

As the chart shows, the range we are looking at for the session this morning is defined by support to the downside at 2688 and resistance to the upside at 2714. If we see a close above resistance, we will be in long towards 2730. Conversely, a close below support will have is in short towards 2650.

Let’s see how things play out…

Chart courtesy of Trading View

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.

<!–

–>

NewsBTC USA