Tuesday, May 28, 2024

    Bitcoin Price Watch; Finally Some Reprieve!

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    We are closing in on the end of the European session and it’s time to take the second of our twice daily looks at what happened in the bitcoin price today in an attempt to figure out if there’s any way we can use the action we’ve seen to put together a strategy for tonight’s trading.

    And it seems as though we can.

    Finally, during the session today, we’ve seen something of a reprieve in sentiment and the markets are starting to turn around. It’s taken a little longer than we’d hoped but that’s not important right now – what is important is that price is able to hold onto its recovery driven gains and find key support as it returns towards highs.

    And with our intraday strategy, we’re hoping to take advantage of each of these major support levels as and when they come into play.

    So, with this noted, let’s get some levels in place that we can use for the session going forward.

    As ever, take a quick look at the chart below before we get started so as to get an idea where things stand. The chart is a one-minute candlestick chart and it’s got our primary range overlaid in green.

    As the chart shows, the range that we are looking to use for the session this evening comes in as defined by support to the downside at 14603 and resistance to the upside at 14699. We’re going to stick with our breakout strategy for the time being, meaning we’ll be looking to enter a long position if we see price close above resistance. On this one, we’ll target 14800 to the upside and a stop at 14650 will define risk.

    Looking the other way, if price closes below support, we’ll enter short towards a downside target of 14500.

    Let’s see how things play out.

    Charts courtesy of Trading View

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