So that’s another weekend complete and we’re about to kick off a fresh week of trading in the bitcoin price here at NewsBTC. Things have been moving pretty fast over the last few weeks, with price action proving to be incredibly volatile throughout the period. There are good and bad sides of a volatile market. When things move fast, it can give us an opportunity to jump into some pretty solid trades. When things get choppy, however, the trades in question can be tough to hold through to maturity.
We’re hoping to see some clean breaks today, with some sustained follow-through action during the session – after we’ve jumped into the markets.
So, with all this in mind, let’s get some levels in place that we can use to try and draw a profit from the market if and when things move. As ever, take a quick look at the chart below before we get started so as to get an idea what’s on. It’s a one-minute candlestick chart and it’s got our primary range for the session overlaid in green.
As the chart shows, then, the range we are looking at for today comes in as defined by support to the downside at 7951 and resistance to the upside at 8005. That’s a relatively tight range, so we’ll stick to our breakout strategy for the time being. If we are able to loosen things up a little later on, we’ll add our intrarange approach to the mix.
So, we’ll look at jumping in short towards a downside target of 7900 flat if we get a close below support. A stop loss on the trade at 7965 works to keep our risk tight on the position. From a long perspective, we’ll be in to the upside on a close above resistance towards an immediate target of 8060.
Charts courtesy of Trading View