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Things are getting really interesting now in the bitcoin price space. Action overnight last night gave us a few opportunities to jump in and out of the markets on some short-term trades and – as the European session has gotten underway this morning – we’ve seen things settle into a short-term consolidation period. When we see consolidation like this, it generally precedes a strong breakout, so we’re going to head into the session today in anticipation of exactly that.
In which direction the breakout will run remains to be seen – there’s a real chance that it could be to the downside, given the sentiment in the space right now – but it doesn’t really matter too much. So long as we’re ready to jump in when we see any action (and, in turn, ready to jump out If we see a target hit) then we’re good to go.
So, with this noted, let’s get some levels in place that we can use to go at the market 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 get in and out if things move. It’s a one-minute candlestick chart and it’s got our key range overlaid in green.
As the chart shows, then, the range we are looking at for the session this morning comes in as defined by support to the downside at 5580 and resistance to the upside at 5638. We are going to stick with our breakout strategy (for the reasons outlined above) so we’ll get in long towards an upside target of 5660 on a close above resistance and we’ll enter a short trade towards a downside target of 5530 if we see a close below support.
Let’s see how things play out.
Charts courtesy of Trading View