We are closing in on the end of the session in the bitcoin price on Tuesday and we’ve had another interesting day’s worth of trading in the space. Things have been pretty positive, with price running up throughout the majority of the day, serving up a much-needed reprieve for the longer term holders of BTC in this sector right now.
The hope is that this run will continue but – of course – we can’t be certain that it will. This is especially true when considered against a backdrop of the recent volatility we’ve seen in the altcoin space.
So, with all this noted, let’s see if we can get some levels in place that we can use to try and draw a profit from the market if we do see any volatility. As ever, take a quick look at the chart below to get an idea where things stand and where we hope to jump in and out of the markets if we do get the sort of action we are looking for. The chart is a one-minute candlestick chart and it’s got our primary range overlaid in green.
As the chart shows, the range we are looking to use as move forward into the evening session on Tuesday comes in as defined by support to the downside at 14009 and resistance to the upside at 14225.
We are going to look at the upside trade initially, not just because that’s where we hope to see price go but because that’s where price currently resides.
So, if we get a close above resistance, we’ll look at jumping into a long trade towards an immediate upside target of 14350. A stop on the position at 14190 keeps risk tight.
Looking the other way, if we see a close below support, we’ll get in short towards a downside target of 13820.
Let’s see what happens.