So we are about to kick things off for a fresh date of trading in our bitcoin price efforts and we have had a pretty interesting week so far. Price has risen above the $6000 mark on a couple of occasions but, as each break came, the shorter-term operators took profits off the table and forced things to dip back below the major threshold once more.
With any luck, over the weekend, we will see price run through $6000 and hold above that level to form strong support – support from which we can advance higher throughout the next couple of weeks.
Until then, however, we are going to keep our focus squarely on the shorter-term time frames and try to draw some small profitable entries from the market as and when we get any volatility going forward. So, with that said, let’s get some levels put in place that we can use to try and achieve exactly that goal. As ever, take a quick look at the chart below before we get started so as to get an idea where things stand and where we are looking to jump in and out of the markets according to the rules of our intraday strategy. The chart is a one-minute candlestick chart and it has our range overlaid in green.
As the chart shows, then, the range we are using for the session on Friday morning today comes in as defined by support to the downside at 5884 and resistance to the upside at 5929. if we see price close above resistance, it will signal a long trade towards an immediate upside target of 5960. On this one, a stop somewhere in the region of 5915 will ensure we are taken out of the trade in the event of a bias reversal.
Looking the other way, a close below support was in short towards a downside target of 5840. A stop on this one at 5895 looks good.
Charts courtesy of Trading View