Bitcoin Price Watch; Looking For Breakouts

So that’s another day done in our bitcoin price trading efforts and it’s time to take stock of what happened in an attempt to formulate a strategy for our evening trading. Things have been somewhat flat during the European session. Well, flat is perhaps a little misleading. We did see some action, but the majority of the day’s volatility came within our predefined range – something that we hadn’t really set up against. We have our intrarange strategy in place to allow us to take advantage of action like that which we saw today, but we were really looking to get in at the start of a sustained breakout-based run.

Anyway, not to worry. What range bound action does help us with is establishing a forward range. The action we saw today has given us something pretty solid to go forward with this evening, with price having bounced in and around its current level, and we’ve got some tested key levels in place.

So, with all this noted, let’s get our strategy outlined for the session this evening. As ever, take a quick look at the chart below to get an idea of what’s on and where we are looking to get in and out of the markets according to the rules of our strategy. It’s a five-minute candlestick chart and it’s got our key range overlaid in blue.

As the chart shows, the range we’ve got in our crosshairs for this evening is defined by support to the downside at 2240 and resistance to the upside at 2269. Breakout only again this evening, despite what we said above about our intrarange approach.

So, we’ll be looking to get in long on a close above resistance towards an immediate upside target of 2290. Conversely, a close below support will have us in short towards a downside target of 2225.

Charts courtesy of Trading View

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Source: Newsbtc