If you’d have said a couple of weeks ago that we’d be looking at closing in on the 1,100 mark at the start of 2017 in the bitcoin price, we probably wouldn’t have believed you. We’re all for price increases, of course, but given that price essentially stagnated throughout a major part of 2016, we weren’t expecting that sort of run as the year drew to a close. Anyway, we’re here, and we’ve managed to draw a pretty decent run of profits from the gains. Enter long, target around ten dollars, take profit and wait for the next opportunity. So, that’s what we’re going for this evening – nothing fancy, just an extension of our standard strategy designed to capture profit on any volatility.
So, with this in mind, let’s get some levels outlined for the New Year, and see if we can continue our run this evening. Take a quick look at the chart below before we get started. It’s a five-minute candlestick chart and it’s got our key levels (range) overlaid.
Then follow us on Google News!
As the chart shows, the range we are looking at is defined by in term support to the downside at 1052, and resistance to the upside at 1065. There are more than ten dollars of range to go at here, so there’s plenty of room for an intrarange approach. Long at support, short at resistance, stop just the other side of the entry.
Looking at our breakout strategy, if the bitcoin price closes below support, we’ll get in short towards 1042. A stop at 1055 defines risk on the position. Looking long, a close above resistance will put us in long towards an immediate upside target of 1075. A stop on this one somewhere in the region of 1062 will ensure that we are taken out of the trade in the event of a bias reversal.
Let’s see how things play out.
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.
TheBitcoinNews.com – Bitcoin News source since 2012
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. TheBitcoinNews.com holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest.
Everything on this website can be seen as Advertisment and most comes from Press Releases, TheBitcoinNews.com is is not responsible for any of the content of or from external sites and feeds. Sponsored posts are always flagged as this, guest posts, guest articles and PRs are most time but NOT always flagged as this. Expert opinions and Price predictions are not supported by us and comes up from 3th part websites.
Advertise with us : Advertise