Here's what we're looking at in the bitcoin price this evening and where we intend to jump in and out of the markets on any volatility.
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We are closing in on the end of the session in the bitcoin price space for Europe on Wednesday and – yet again – we’ve had something of a wild ride in the markets. Numerous fundamental inputs, ranging from exchange issues to reports of manipulation, are driving volatility right now and exactly where the day is going to take us as we move forward remains to be seen.
One thing we can be sure of right now, however, is that volatility is a good thing for our intraday efforts.
When we get the sort of volatility we are seeing right now, it means we – in turn – get plenty of opportunities to jump in and out of the markets. With our risk management parameters in place, the more opportunities we get, the better.
So, with this all said, let’s put some levels in place that we can use to jump into the markets when we get any movement this evening.
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 and where we’re looking to enter if we get any signals. The chart is a one-minute candlestick chart and it’s got our key and primary range overlaid in green.
As the chart shows, the range we are looking at for the session this evening comes in as defined by support to the downside at 16572 and resistance to the upside at 16773. If we see price close above resistance, we’ll try and get in long towards an immediate upside target of 16850. Looking the other way, if we get a close below support, we’ll get into a short trade towards a downside target of 16500.
Let’s see how things play out and we will update our levels first thing in the morning.
Charts courtesy of Trading View