So this morning, in our twice daily bitcoin price watch piece, we highlighted the levels that we would be keeping an eye on in the bitcoin market as far as getting into our markets according to our intraday strategy wax concerned. We suggested hat we could bring both our breakout strategy and our intrarange strategy into play, on the assumption that there was plenty of room within our predefined range to get in short at resistance and long at support, while still leaving some room for reasonable risk management parameters. The European session is now drawing to a close, and we are heading into the weekend. With the bitcoin market decentralized, and unlike the vast majority of other financial assets, the weekend represents a trading opportunity. The fact that financial institutions shut for the weekend makes no difference to our operations, and so with this said, what are we looking at in the bitcoin price heading into this evening and beyond, and have our parameters changed in res ponse to the action we saw throughout today's session? As always, take a quick look at the chart below to get an idea of the levels we are looking at this evening.
As the chart shows, we broke through, and closed above, in term support shortly after midday GMT. This has put us in a long entry towards a predefined target of 341.92, as explained in this morning's article. However, if you are not yet in a trade, look to our target as in term resistance, and our broken resistance level as in term support at 332.21.
If the upside momentum continues, you could look to get in long on a break of resistance, with an initial upside target of 350 flat. On this one, a stop loss somewhere around 339 will ensure a positive risk reward profile protects the downside on the trade.
Charts courtesy of Trading View