Tuesday, July 23, 2024

    Bitcoin Price Watch; Trading A Fresh Week

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    It’s ­Monday morning and it’s time to get things kicked off for a fresh week of trading in the bitcoin price space. Things were particularly volatile over the weekend (which, of course, isn’t a problem for us) and we had a number of opportunities to jump in and out of the markets according to the rules of our intraday strategy on the volatility question. The hope is, that this volatility will continue as we move into the session out of Europe this morning and, beyond, into the US session later on this afternoon.

    If it does, we should have plenty more opportunities to pull a profit from the market before the day draws to a close.

    Whatever happens, we will ensure that we have some solid risk management parameters in place just in case things turn against us and we have to bail out of a position that we entered on a predefined signal.

    So, with all this said, let’s get some levels in place that we can use for the session today. 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 strategy.

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

    As the chart shows, the range we are looking at for the session today comes in as defined by support to the downside at 15216 and resistance to the upside at 15350.

    If we see price close above resistance, we will enter long towards an immediate upside target of 15450. A stop loss on the trade at 15325 will ensure we are taken out of the position if things turn against us.

    Looking the other way, a close below support will have us in short towards a downside target of 15116. A stop loss at 15240 works well.

    Charts courtesy of Trading View

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