So we are now midway through the week and things haven’t been particularly easy from a bitcoin price perspective as far as long-term holdings are concerned so far. Price took a real dip overnight yet again and the bitcoin price currently sits in and around $13,800 – more than 30% down on all-time highs.
As ever, when we see a dip like this, it translates to a substantial degree of weakened sentiment and generally results in an increased weakening effect purely based on the fact that people are selling in anticipation of further decline.
As most who have been in the space for a while will know, these depreciation periods aren’t too much of a concern and can often serve up nice opportunities to pick up cheap coins ahead of a longer-term return to the overarching upside momentum.
That’s the hope, anyway.
Whatever happens, we’re going to stay the course with our intraday strategy and make sure that we are ready to jump in and out of the markets as and when we get any favorable movement.
So, with this said, let’s get some levels in place that we can use for the session today. As ever, take a quick look at the chart below before we get started so as to get an idea where things stand. 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 to the downside at 13763 and resistance to the upside at 13912.
If we see price close above resistance, we will enter long towards 14050. A stop loss at 1380 looks good.
Conversely, a close below support will signal a short entry towards 13660. A stop loss on this one at 13800 works well from a risk management perspective.