So, we’re half way through the week, and things are hotting up in the bitcoin price from an intraday perspective. After what was a pretty slow day yesterday, we saw a little bit of up and down overnight and then this morning, just as European markets kicked off for the day, we got a spike in price and some fresh intra-weekly highs produced. Spikes like this are great because they not only serve as an opportunity to get into the market on the breakouts they represent, but they also give us some pretty solid levels to use as our defining range parameters. In this instance, with the spike being an upside break, we can use its peak as resistance.
Additionally, and as a side note, we also managed to get in long on the break, and pull a profit from the market on the action.
That’s not the end of the move, however, with any luck.
If we can get a continuation of the momentum (things seem to be consolidating right now, but this is probably a good sign) then we will try and get in early on the move and ride it up into further profitability.
So, with this in mind, and as we move in to today’s session, here’s what we are going at.
As ever, take a quick look at the chart below to get an idea of the levels in focus.
As the chart shows, the range we are looking at this morning is defined by support to the downside 1075, and resistance to the upside at 1087. Breakout only this morning, as the range is a little too tight for us to go at things intrarange.
If we see price break through resistance, we will enter long towards an upside target of 1097. A stop loss on the trade at 1084 defines risk. Conversely, if price breaks below support, we will enter towards 1065.
Let’s see how things play out.
Charts courtesy of SimpleFX
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