The bitcoin space is taking something of a hit at the moment and price is suffering as a result. Things aren’t moving as long-term holders might like them to and the implications of this longer term are pretty uncertain; can we hold above the recent broken levels and – in turn – can things recover above and beyond the 20,000 level that looked almost certain to be taken out just a week or two ago.
These are all questions that we don’t know the answer to, of course, and that we’re going to have to wait to find out.
As we noted this morning, however, none of this matters for our intraday strategy. We’ve got a standard approach to the markets and it doesn’t matter whether price goes up or down. So long as things are moving and we’ve got our predefined levels in place, we’ve got a chance to profit from wherever things go.
So, with this all said, let’s get said levels set up.
As ever, take a quick look at the chart below before we get started so as to get an idea what’s on and where we are looking to jump in and out according to the rules of our intraday strategy.
The chart is a one-minute candlestick chart and it’s got our key range overlaid in green.
As the chart shows, then, the range we are looking at this evening is defined by support to the downside at 17901 and resistance to the upside at 18174. If we see a close above resistance, we’ll get in long towards an upside target of 18225. Conversely, a close below support will have us in short towards a downside target of 17820.
A stop loss on both trades will ensure we’re taken out for just a small loss if things turn against us.
Let’s see what happens.
Charts courtesy of Trading View