We are about to close out on another day of trading in the bitcoin price and action today has been something of a wild ride. Price started the day looking as though it was set to weaken throughout the majority of the European session and, as the early morning played out, these expectations were validated. Midafternoon, however, things picked up a little bit and price managed to recover much of the strength that it lost at the start of the day.
Moving into the end of the day, however, things have once again taken a turn for the worse and bitcoin looks as though it is set to give away much of the gains seen early afternoon before the day draws to a close.
So long as we can get some levels in place that we can, in turn, use to take advantage of the volatility that we are seeing, it doesn’t really matter in which direction price moves. Of course, we would much rather see some upside momentum but our intraday approach isn’t picky and so we won’t be either.
So, with this noted, let’s get some levels outlined that we can forge ahead with and try to draw a profit from any action that we see going forward. As ever, take a quick look at the chart below before we get started so as to get an idea where things stand. The chart is a one-minute candlestick chart and it’s got our primary range overlaid in green.
As the chart shows, then, the range we are looking at for the session this evening comes in as defined by 13674 to the downside (serving as resistance) and 13807 to the upside serving as support.
If we see price close below resistance, we will enter short towards 13550. Conversely, a close above support will signal a long entry towards 13910.
Let’s see what happens.
Charts courtesy of Trading View