Bitcoin Price Watch; Stopped Out, Looking Forward

So the day has now come to an end, at it’s time to take a second look at the bitcoin price market ahead of tonight’s Asian session. Thing shave been pretty volatile today, as we expected they might be, and we’ve got plenty to discuss before we get to the end, so here goes.

First, a look at the day’s action. When we outlined this morning’s strategy, we noted that action had primarily trended to the downside over the last forty-eight hours, and that this suggested we might be able to get in on a downside bias. As things turned out, this proved correct, but unfortunately, not to the degree we’d hoped. We entered short towards a downside target of 650 flat on a break of support, and price ran down towards our target pretty steadily in the period immediately subsequent to our entry. However, price reversed and bottomed out just ahead of our target, and took out our stop loss. In hindsight, we probably should have given the trade a little bit more room (from a risk perspective) but let’s not dwell on that right now.

Since this, price has once again reversed to the downside, and we currently trade around 655 flat – which sits mid range on this evening’s parameters.

So, with that out of the way, let’s get to this evening’s strategy.

Take a quick look at the chart below to get an idea of our key levels.

As the chart shows, we are focusing on in term support to the downside at 652 flat, and resistance to the upside at 657. These two levels define this evening’s approach. We’re going for breakout only, as things are a little too tight to go at intrarange.

Specifically, if price breaks through in term resistance, we will look to enter long towards 665 flat. Stop at 655.5. Looking short, a close below support signals a downside entry towards 645. Stop at 654 flat.

Happy Trading!

Charts courtesy of SimpleFX

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