We are about to kick things off for a fresh week of trading in the bitcoin price space and expectation that we are in for a relatively volatile week. We saw plenty of volatility last week but, unfortunately, and for the main part was to the downside and the price didn’t really manage to hold onto any strength as and when it came in.
Exactly how things will play out this week is unclear – we are looking for some degree of sustainable strength to kick start something of a recovery in the space but that doesn’t necessarily mean it’s going to happen.
The real level to keep an eye on medium-term is $13,500. There is a feeling across the sector that a break and a hold above this level would serve to affect sentiment just enough to help price hold above that level and, if this is the case, and we do see the break and hold, we could be looking at $15,000, $16,000 and beyond before the month draws to a close.
Anyway, let’s try and put some levels together for today and see if we can stay on top of things later. As ever, take a quick look at the chart below before we get started so as to get an idea where things stand and where we are looking to jump in and out of the markets according to the rules of our strategy.
The chart is a one-minute candlestick chart and it has our primary range overlaid in green.
As the chart shows, the range we are looking at for the session today comes in as defined by support the downside at 11649 and resistance to the upside at 11759. If we see a close up of resistance, we will enter long towards an upside target of 11860. Conversely, a close below support will have was in short towards a downside target of 11500.
Let’s see how things play out.