For this evening’s analysis, we’re going to do something a little different. Those that were with us this morning will know that we outlined a couple of key levels, and set up what we thought was pretty solid range, in an attempt to capture some late week profits if and when the bitcoin price moved.
At the same time, however, we also had one eye on the 1,200 level.
We surmised that a break of this level would really get things moving, and would give us a nice opportunity to get into the markets ahead of a sustained upside run. Well, take a look at the chart below.
The words “here we go” spring to mind.
The bitcoin price is running up towards the above mentioned level, and looks as though it might take it out at some point very near term. In doing so, of course, it’s given us a nice entry and exit, a quick turnaround trade, and a decent profit, on the levels we defined this morning. That’s all in the past now, however.
We’re focused squarely on 1200, and how price reacts to the level as and when it reaches it.
So, normally, we go into the evening session with a couple of key levels outlined, and two targets – one to the upside and one to the downside. This evening, however, we’re deviating from our standard strategy and playing the 1,200 level on its own. No range, and no downside target – one trade, one entry and one exits. Well, to be super accurate, two exits, but one TP and one SL.
So here goes – a close above 1200 (and this is really important, we need to see the close) will get us into a long entry toward 1225 flat. Aggressive trade, aggressive stop. Somewhere around 1193 works well from a risk reward standpoint.
Let’s see what happens.
Charts courtesy of SimpleFX
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