We’re going to jump right into our analysis for the session this evening in the bitcoin price, primarily because we’re watching price closely and it looks as though we may see a near-term entry signaled.
With this in mind, take a quick look at the chart below before we get started. As always, it’s a one-minute candlestick chart and it’s got our primary range overlaid in green.
As the chart shows, then, the range that we are looking at for the session right now comes in as defined by support to the downside at 10999 (for simplicity’s sake, let’s call this 11000) and resistance to the upside at 11132.
That range is just about wide enough to go at things with our intrarange strategy, so there’s a long entry on for anyone that wants to jump in on a bounce from support and a short trade in place on a correction from resistance. On these ones a stop at the other side of the key level defines risk.
With all that said, let’s now look at the trade that’s causing us to rush into things right now – it’s a short trade that signals if we see price break, and subsequently close, below support.
On this position, we’ll jump into the short entry with a downside target of 10900 and we’ll use a stop loss at 11030 to define risk and to make sure we get taken out of the position if things turn against us.
Looking the other way, if we see price close above resistance, we’ll get into a long trade towards an immediate upside target of 11250. This one is a little more aggressive so we’ve got a bit more room on the risk management side of things. A stop at 11000 flat looks like it should do the trick.
Let’s see what happens.
Charts courtesy of Trading View
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