Things are really starting to heat up now in the bitcoin price space. There’s been plenty to talk about throughout the week so far, with a lot of it being negative. Price started out relatively negative throughout the early part of the week and this left us thinking that we might be in for a pretty soft week. As it turns out, we got the exact opposite of our expectations. Price traded flat for a very short period across the session early morning on Monday but – as the US session kicked off later that day – things really took off. Since then, we’ve not really looked back and the majority of action has been to the upside.
Overnight on Thursday, we saw a continuation of this strength and – with any luck – we’ll get more of the same today.
So, with this noted, let’s get some levels put together with which we can carry forward into the close of the week. As ever, take a quick look at the chart below to get an idea of the levels we are focusing on and where things stand right now. It’s a one-minute candlestick chart and it’s got our key range overlaid in blue.
As the chart shows, the range we are looking at is defined y support to the downside at 2675 and resistance to the upside at 2735. We will initially look for a close above resistance to validate an immediate upside target of 2790. A stop loss on the trade at 2725 will ensure we are taken out of the position in the event of a bias reversal.
Looking the other way, a close below support will have us in short towards 2640 and a stop at 2700 flat will keep things tight from a risk management perspective.
Let’s see how things play out.
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