Bitcoin Price Takes out Target; Further Upside Tonight?

In this morning’s bitcoin price watch piece, we published the levels that we would be keeping an eye on throughout the day’s during Friday’s European session, and suggested how we would respond to price reaching or breaking these levels as far as getting in according to our intraday strategy was concerned. The levels that we were keeping an eye on with 274.17 to the downside bringing us in term support, and 278.76 to the upside bringing us in term resistance. We suggested that an aggressive intra-range trade could be a bounce from current levels (which were around in term support at the time) towards in term resistance. As it happened, this trade turned out nicely, and we took a quick profit of about four dollars. Now action has matured throughout the day, what are levels that we are watching this evening, and where will we look to enter and get out of the markets according to our intraday strategy as price mature is over the weekend? Take a quick look at the chart.

bitcoin price

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As the chart shows, we are currently trading just ahead of the level that we had slated as in term resistance this morning. We are now out of the long trade, and this level gives us in term support as we head into the Asian session this evening.

We may well get a correction back down towards resistance turned support, and if we do, we will look for a bounce from this level to put us long towards 285 flat – a level we have been watching closely for some time.

Looking the other way, if we break back below 278.78, it would put us short towards in the European in term support at 274.19. On this trade, a stop loss somewhere around 275.5 will help us to maintain a positive risk reward profile.

Charts courtesy of Trading View


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