We are closing in on the end of session on Friday it’s time to take the last of our looks for the week what has happened in the bitcoin price today and where we expect things to go as we move forward into the weekend and beyond.
Action, as expected, has been pretty volatile today, with a number of key level breaks translating to some pretty nice entry opportunities, at the same time, some relatively unfavorable chop outs.
As we move into Friday evening, we fully expect action of the same sort. It would be nice to see some solid upside momentum but, as we have said all week, it’s impossible to predict with any certainty whether this will play out.
All we can do is set up against the levels presented and treat them as and when price breaks through them.
So, with this noted, let’s get these levels in place. As ever, take a quick look at the chart below before we get started so as to get an idea where things stand right now. It is a one-minute candlestick chart and it has our primary range overlaid in green.
As the chart shows, then, the range that we are using for the session this evening comes in is defined by support to the downside out 11635 and resistance to the upside at 11734.
Standard breakout rules apply right now, so we will look at entering long on a close above resistance towards an immediate upside target of 11900 and, on the trade, we will use a stop loss at 11700 define risk.
Conversely, if we see price break down below support, we will look out for a close below this level to validate a downside target of 11530.
Let’s see how things play out this weekend and we will revisit early next week.