We are now closing in on the end of the session on Monday and it’s time to take a look at what happened in the bitcoin price today and where we expect things to go overnight this evening. Anybody that caught this morning’s coverage will know that we were looking for a continuation of the upside momentum during the session and – as it turns out – we got pretty much exactly what we were looking for. The bitcoin price is currently trading up on its market open rates and we expect this trend to continue near term – albeit with the potential for some degree of correction as the shorter-term operators pull profits off the table.
So, with this noted, let’s get some levels in place that we can use to continue to execute on our intraday strategy during the forward session. As ever, take a quick look at the chart below before we get started so as to get an idea where things stand. It is a one-minute candlestick chart and it has our range overlaid in green.
As the chart shows, the range we are looking at for the session this evening comes in as defined by support to the downside at 11204 and resistance to the upside at 11351.
If we see price break through support, we will watch out for a close below that level to validate a downside entry towards a target of 11150. A stop loss on the position somewhere in the region of 11230 will take us out of the trade in the event that things turn against us.
Looking the other way, if we see price close above resistance, we will enter towards a long-term upside target of 11450. Again we need a stop loss on the position and somewhere in the region of 11330 should do the job nicely.
Chart courtesy of Trading View