Bitcoin Price Watch; 1100 In The Scope

That’s another day complete, and yet again, it’s not been particularly noteworthy. Well, not noteworthy in the sense that the 1100 level remains to be broken, and that’s our immediate near term focus, but I guess you could say that the upside run we saw earlier this morning is worthy of note. Price was hovering in and around the low 1000 region when we first put together some levels for today’s European session, and we set up a range that we hoped would work from both an intrarange and a breakout perspective.

As things turned out, we got an upside break almost as soon as we define dour range, and we were able to ride that through to a quick profit on the resistance take profit.

Perhaps more importantly, the bitcoin price is currently trading in and around the 1090 mark, and this brings the 1100 level into play as a potential key level for this evening.

So, let’s get to the details.

As ever, take a quick look at the chart below to get an idea of what’s on, and where things stand right now. It’s a five-minute candlestick chart and it’s got our key range overlaid in green.

As the chart shows, the range we are going for for today’s session is defined by support to the downside at 1078, and resistance to the upside at 1093. If we see price break above the former, we’ll be in short towards an immediate downside target of 1067. A stop on the trade at 1082 defines risk.

And here’s the interesting one – if we get a break above resistance, a close above that level will get us in a long trade towards an upside target at 1105. Some may argue that we should cap our gains at 1100, and there’s psychological resistance there, but we thing a break will underpin a slight spike, and that that spike will be enough to get us through to TP.

Charts courtesy of SimpleFX

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