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Things are really starting to heat up now in the bitcoin price and, over the next few hours, only one thing is going to be in everybody’s minds – can price reach $10,000?
We’ve seen some incredible runs over the last few months driven by nothing more than improved sentiment and if we see a break above $10,000, we are almost certainly going to see some continuation on the break and a bit of follow-through towards, say, $10,100. Whether price can hold above that level remains to be seen.
Anyway, we’re going to put together some levels that we can use for the session today and see what happens from an intraday perspective.
As ever, 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 get in and out of the markets if and when things move. The chart is a one-minute candlestick chart and it has our range overlaid in green.
As the chart shows, the range we are looking at for the session today comes in as is defined by support to the downside at 9872 and resistance to the upside at 9900.
If we see price break through resistance, we are going to enter into a long position towards an immediate upside target of 9950. We need a stop loss on the trade to ensure that we are taken out for just a small loss if things turn against us, so we will look at placing one somewhere in the region of 9875 to keep things tight.
Looking the other way, if we get a close below support, we will jump into a short trade with a downside target of 9810. Again we need a stop loss and somewhere in the region of 9900 looks good.
Charts courtesy of Trading View