We’re quickly closing in on the end of the European session in the bitcoin price and it’s about time to put together our second price watch analysis of the day. This morning, we had one wish – that price would find its footing in and around the levels at which it opened the session and that, in turn, we’d be able to use these levels to try and build into a sustainable upside position.
Unfortunately, we didn’t get what we were looking for.
Price hasn’t been able to gain any real traction during the session and, almost immediately subsequent to our primary analysis, things started to dip.
We’re currently looking at what could be a relatively flat evening session (which equates to the US afternoon session for our North American readers) and, if this is the case, intrarange trading might be the order of the day.
We can’t say that for certain of course, but we’ll cover our bases and put forward an intrarange approach anyway, just to complement our primary breakout strategy in the event of a shift in a approach.
So, with all this noted, let’s get our key levels in place. As ever, take a quick look at the chart below before we get started so as to get an idea where things stand right now. It’s a one-minute candlestick chart and it’s got our primary range overlaid in green.
As the chart shows, then, the range we’re looking at for the session is defined by support to the downside at 10916 and resistance to the upside at 11132. A close above the latter will signal long towards 11250, while a close below the former will signal a short entry towards 10800.
From an intrarange perspective, long on a bounce from support with a target of 11132 and short on a correction from resistance towards 10916.
Let’s see what happens.
Charts courtesy of Trading View