So they were going to do something little bit different in our twice-daily bitcoin price watch piece. Over the past week we have pointed out that action in the bitcoin price has been relatively muted, and that it has not been enough to get us in or out of the markets according to our breakout strategy. Even tighter action scalp strategy has failed to really generate any market action, and so during today’s session, we will focus solely on our intra-range strategy. Overnight, we did see some old and down movement during the Asian session, and so there is a chance that – by focusing on the strategy today – we could draw an albeit tightening quick profit from any interim volatility. So with this said, let’s take a look at the levels were keeping an eye on.
At the chart shows, in term support for today sits at 261.99 – this was overnight lows last night. In term resistance is today’s highs at 266.17 – it just a little earlier this morning. These are the two levels to watch today.
We are currently trading just shy of resistance, so we will look to enter short towards aforementioned in term support, and a short to medium-term trade with a stop loss somewhere around 268 flat. This gives us about a 2 to 1 risk reward profile, and in doing so, keep things attractive from a risk management perspective.
Looking the other way, we will look for a bounce from 261.99 to validate a medium-term upside bias towards an initial upside target of 266.17. Normally at this stage would say that if we break above 266.17 it would put us long towards a slightly longer-term upside target. However, in this instance, we are not incorporating our breakout strategy into the session.
Charts courtesy of Trading View