Bitcoin Price Watch; Closing Out The Week On A High

So that’s the week done, and it’s been a busy one.
Things have played into our strategy from all
angles, most notably (and I promise we’ll stop
mentioning it from next week on out) the election
in the US. It didn’t really play out as we expected,
but that hasn’t impacted sentiment, at least not
from a negative standpoint, and we’ve had lots of
lovely volatility to dampen the disappointment of
any decrease in volume.
We’ve got the remainder of the US session left
before wider financial markets take a break for the
weekend, and we’re hoping for a strong finish to
the week.
With this in mind, let’s not fluff this out with any
rambling, and let’s get straight to the details. Take
a look at the five-minute candlestick chart below to
get an idea of what went on today, and where we
are looking this evening.
As the chart shows, the levels in focus for this
evening’s session are in term support to the
downside at 715 and in term resistance to the
upside at 723. That’s a pretty wide range when
compared to some of the ranges we have been
going at, and so we’re going to bring our intrarange
strategy into play one last time this week.
Specifically, if price bounces from support, we are
going to get in long towards an immediate upside
target of resistance. A stop loss on the trade
somewhere just below support (around 713) works
to limit our downside risk on the position.
Conversely, a correction from resistance will put a
short towards support. Same principle, with a stop
just above resistance this time killing off our
upside risk.
Looking at our breakout entries, if price runs
through resistance we will get in long towards 730,
and if we see a close below support it will signal
short towards 708.
Let’s see how things play out.
Have a good weekend!