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We are about to get things underway for a fresh week of trading in the bitcoin price and we are entering the week on something of a high given that price currently sits in around the $10,000 mark. This is a major psychological and technical threshold and – if it is reached – we will no doubt see some volatility post break based both on the fact that many people will likely take profits on shorter-term holdings while others will likely pick up fresh positions on the assumption that we should see some follow-through above the $10,000 level.
That’s near term, but right now, we’ve got to focus on our intraday operations. So, let’s get some levels in place that we can use to try and draw a profit from the market as and when things move today. 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 jump in and out of the markets according to the rules of our intraday strategy. It 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 defined by support to the downside at 9375 and resistance to the upside at 9594.
We will look to jump into a long trade if we get a close above resistance, with a target of 9640 on the position. A stop loss in and around 9570 should define risk nicely. Looking the other way, if we see price close below support, we will get into a short trade towards a downside target of 9300. A stop loss on this one at 9400 works well from a risk management perspective.
Let’s see how things play out.
Charts courtesy of Trading View