So it’s time for the second of our twice daily bitcoin price analyses, and things aren’t going to be all that different from this morning. Action throughout the day has been relatively flat, although we did get a bit of a breakout, and managed to get into a long entry earlier in the day. This said, we were quickly stopped out, and we enter this evening’s session net flat in the markets.
So, with this said, as we head into this evening’s session in the bitcoin price market, what are we looking at from an entry and trade management perspective, and where will we look to get in and out of the markets if we get any volatility? As ever, take a quick look at the chart below to get an idea of the levels in focus. It’s a fifteen-minute candlestick chart that shows around the last forty-eight hours’ worth of action.
As the chart shows, the range we are looking to trade this evening is defined by in term support to the downside at 571, and in term resistance to the upside at 582. The range gives us about ten dollars’ worth of range to play with, so we can bring our intrarange strategy to the table for tonight. A long position on a bounce form support towards resistance as an upside target, and short at resistance towards support. A stop loss just the other side of the entry gives us a decent risk profile on the trade.
From a breakout perspective, we will enter long on a close above resistance towards 590 flat, with a stop loss at 580 to define risk.
A close below the 571 support level will signal short towards 565. A stop loss here at 574 ensures we get taken out of the trade in the event of a bias reversal.
Charts courtesy of Trading View