Here's a look at what we're looking at in the bitcoin price this morning.
SPONSORED ARTICLE: Tech Analysis articles are sponsored by SimpleFX — Simple as Never Before,
SimpleFX is a robust online trading provider, offering trading with Forex CFDs on Bitcoins, Litecoins, indices, precious metals and energy. Offers simple and transparent trading conditions.
So we’ve come to the start of another day in our bitcoin price trading efforts and we’re just about midway through the week in Europe. Things have been pretty interesting this week so far and we’ve seen a bunch of fresh inputs impact price.
Last night, we jumped straight into the action so as to avoid missing out on any potential entries and – this morning – we’re going to do exactly the same. Things are moving too fast for us to waste time looking at what happened overnight so, instead, we’re going to get straight into what’s on and what we are looking at right now.
As ever, then, 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 intraday strategy.
The chart is a one-minute candlestick chart and it’s got our key range overlaid in green.
As the chart shows, the range that we are looking at for the session today comes in as defined by support to the downside at 16669 and resistance to the upside at 16849. That’s a pretty wide range and – normally – we’d be looking at bringing our intrarange strategy in to play on this sort of chart.
Today, however, things are moving a little too fast for intrarange (as there’s the potential for chop outs on intrarange action). So, with this noted, we’re going to stick with our breakout approach.
Specifically, if we see price close above resistance, we’re going to jump in long towards an immediate upside target of 16900. A stop at 16830 defines risk.
Looking the other way, if we see price close below support, we’ll try and jump in short towards a downside target of 16620.
Charts courtesy of Trading View