So that’s another day done in our bitcoin price trading efforts and we’ve had another busy day in the cryptocurrency markets. Things have been pretty volatile and we’re looking to take advantage of any further examples of this volatility as things mature through to their conclusion this evening.
So, with this said, we’re going to jump straight into things and get our levels in place so as we don’t miss out on anything going forward.
As ever, take a quick look at the chart below to get an idea where things stand and where we are looking to jump in and out of the markets as and when things move. It’s a one-minute candlestick chart and it’s got our primary range overlaid in green.
As the chart shows, then, the range that we are relying on for the session this evening comes in as defined by support to the downside at 14800 and resistance to the upside at 14947.
We’re going to look at bringing just our standard breakout strategy to the table this evening (as opposed to employing our intrarange strategy, as was the case earlier this morning when we set up our wider range in the bitcoin price), so the two trades we are looking at are outlined as follows:
First up, we’ll be looking at jumping into a long trade if we see a close above resistance. On this one, we’ll enter towards an immediate upside target of 15100. A stop loss on the trade at 14910 will define risk nicely and will ensure we are taken out of the position in the event that things turn against us.
Looking the other way, if we see price close below support, we’ll get in short towards an immediate downside target of 14700. A stop on this one at 14830 looks good.