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We are closing in on the end of the European session in our bitcoin price trading efforts and it is time to take the second of our twice-daily looks at what has happened today in an attempt to put together a strategy that we can use to take advantage of any action we see this evening in the markets.
Anybody that caught our analysis this morning will know that we were looking for a continuation of the overarching strength to push through to fresh all-time highs in the bitcoin price. We pretty much got exactly what we were looking for, with price currently trading in and around 8240, just off highs of around 8266.
With any luck, we will see a continuation of this type of action as the US session matures to a close this evening. So, with this noted, let’s put together this evening’s strategy. As ever, take a quick look at the chart below before we get started so as to get an idea where things stand and what happened during the session today. It is a one-minute candlestick chart displaying the last few hours’ worth of action in the market and it has our range overlaid in green.
As the chart shows, then, the range that we are using for the session this evening comes in as defined by support to the downside at 8215 and resistance to the upside at 8268.
Standard breakout rules apply for the session so we will look to enter long towards an immediate upside target of 8300 if we see a break above resistance. Conversely, and looking the other way, if price closes below support, we will jump into a short entry towards an immediate downside target of 8175.
Stop losses on both positions will ensure we are taking out of the trades in the event that things turn against us.
Charts courtesy of Trading View