Bitcoin Price Watch; Intrarange and Breakout
It’s that time of day again – the time for the first of our twice-daily bitcoin price watch analyses. Action overnight – as we will discuss shortly – was pretty flat, and we didn’t manage to get on the right end of any sustained movement. We did get into a couple of positions, but choppy action around resistance took us out these positions (by way of a stop loss hit) on a couple of occasions.
With this in mind, we have shifted our focus range a little too account for the action we saw overnight, and – with any luck – to accommodate any volatility that we see throughout this morning’s session in Europe.
So, without further ado, here are the levels that we are focusing on for this morning’s session, with a look at our risk management and our target parameters to boot. The chart below is a 15-minute candlestick chart showing action both overnight and throughout yesterday’s session, with our revised range overlaid.
As the chart shows, the two levels that define this morning’s range support to the downside at 462 flat and, to the upside, resistance at 470. The latter of these two levels represents the most recent swing high, meaning we should see some friction before it breaks (as representative of last night’s trading and stop loss action).
That is probably just enough room for an intrarange approach, so, as usual, long at support and short at resistance with a stop just the other side of the entry to define risk.
Looking at things from a breakout perspective, a close above resistance will signal a long entry towards an initial upside target of 476. A stop loss on this one at 467 keeps our risk tight. Looking the other way, a break of support signals short towards 455. Stop at 464 to define risk.
Charts courtesy of Trading View
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