Bitcoin Price Watch; Tightening Things Up

The bitcoin price has been a little rough on us today. Things haven’t run as smoothly as we might have expected when we first set up against the markets this morning and we’ve been chopped out a couple of times as a result. It’s not all doom and gloom, we did manage to draw a profit from the market on more than one occasion, but when you get tossed about in the markets as we have been today, it’s a bit of a knock.

Anyway, there’s no point in us moaning about it. Heading forward into the US session tonight, it’s all about dusting off and making sure we are in the right frame of mind to execute on a solid strategy going forward.

With this in mind, then, let’s get some key levels outlined for the session and try to make back what we’ve lost during today’s trading. As ever, take a quick look at the chart below before we get started so as to get an idea of where things stand right now. It is a one-minute candlestick chart and it’s got our key range overlaid in green.

As the chart shows, the range we are moving forward into the US session with this evening is defined by support to the downside at 2352 and resistance to the upside at 2374. It’s a pretty tight range, so we’ll need to make sure we aren’t overly aggressive with our targets on any entries.

So, if we see price break above resistance, we’ll get in long towards an immediate upside target of 2400 flat. A stop on the trade at 2368 works to keep risk defined nicely.

Looking the other way, if we get a close below support, we’ll jump into a short trade towards 2320 A stop on this one at 2359 looks good.

Let’s see how things play out. Charts courtesy of Trading View

Charts courtesy of Trading View

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

Source: Newsbtc