Tuesday, July 23, 2024

    Bitcoin Price Watch; Key Levels Heading Into The Weekend

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    We are closing in on the end of the European session in the bitcoin space on Friday and the end of the week is fast approaching. This has been something of a rough week for many bitcoin traders and holders, with price maintaining a pretty substantial downside trend throughout the majority of the major sessions and only temporarily recovering from said trend on the odd occasion.

    As far as executing on our intraday strategy is concerned, however, things haven’t been too bad.

    All we really look for is volatility and so it doesn’t really matter that price had been declining so long as the decline brings with it breaks of key levels and subsequent sustained momentum beyond the initial break.

    As we move into the session this evening, then, that’s exactly what is on our wish list. We want sustained momentum, volatility, and, only as a final addition to the list, some degree of upside reevaluation heading into the weekend.

    So, with all that said, let’s get some levels in place that we can use to take advantage of this type of action as and when it plays out. 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 when we get the signals we are looking for.

    The chart is a one-minute candlestick chart and it has our primary range overlaid in green.

    As illustrated, the range we are using for tonight’s session is defined by support to the downside at 13768 and resistance to the upside at 13895.

    If we see price close above resistance, we will enter long towards 14000. Conversely, a close below support will signal a short entry towards a downside target of 13250.

    Charts courtesy of Trading View

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