So that’s another day done in our bitcoin price trading efforts – for the European day, that is – and it’s been a pretty good one. Anyone who caught this morning’s analysis will know we basically tightened up our range and went for some equally tight targets. The action we saw overnight suggested things might be pretty choppy, and it’s always better to not overstretch if things look like they might be choppy like that.
As it turned out, this was a pretty sensible strategy. Price action during today’s session was pretty rough, and we would likely have been chopped out of any momentum positions on the volatility.
That said, we did manage to get into some decent entries, and even though we targeted some tight reward levels, we’re coming out of the European session with a reasonable profit.
So, our aim is to try and replicate this this evening, during the US afternoon session and beyond. With this in mind, then, let’s get some level outlined with which we can go at the bitcoin price this evening, and see if we can carry our success forward.
As ever, take a look at the chart below before we get going to get an idea of what’s on and where things stand right now on the back of today’s action. It’s a five-minute candlestick chart and it’s got our key range overlaid in green.
As the chart shows, the range we’re looking at this evening is defined by support to the downside at 1222 and resistance to the upside at 1233. We’re going to look for a close above resistance to get us in long towards an immediate upside target of 1245. Conversely, if the bitcoin price closes below support, we’ll be looking at getting in short towards a downside target of 1210.
Let’s see how things play out.
Charts courtesy of SimpleFX
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