That’s another session done in our bitcoin price trading efforts and it’s been a pretty good one to this point. Things started to move almost immediately subsequent to our publishing of our first analysis of the day earlier on this morning and – on the back of the movement we saw – we managed to jump in and out of the markets a few times for some quick turnaround profits.
We’re hoping for much of the same this evening, with the potential for a bounce from near-term support offering up an immediate upside bias to our entries.
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So, with this noted, and as we head into the session this evening, here’s a look at what we are focusing on and where we are hoping to jump in and out of the markets according to the rules of our intraday strategy. As ever, take a quick look at the chart below before we get started so as to get an idea of what is on and how action during the European daytime session plays into the session this evening. It is a one-minute candlestick chart and it has our key range overlaid in blue.
As the chart illustrates, we have a range in our sights this evening as defined by support to the downside at 2340 and resistance to upside out 2361. We will initially look for a close above resistance to validate an immediate upside entry towards a target of 2395. This one is a pretty aggressive trade, so we need to keep a relatively tight stop loss in place. Somewhere in the region of 2360 looks good from a risk management perspective.
Looking the other way, a close below support will signal a downside entry towards a target of 2310. A stop loss on this one at 2348 works well.
Let’s see how things play out this evening.
Chart courtesy of Trading View