It’s Tuesday morning out of Europe and it’s time to take a look at how things are moving in the bitcoin price in an attempt to figure out whether there’s any way we can interpret the action we’ve seen and use it to put together a strategy for the session going forward.
During the session last night, we were hoping to see some degree of strength in the bitcoin price so as to definitively be able to say that there’s enough in the tank to justify a long-term bullish bias.
As it turns out, we didn’t really get what we were looking for. Things have been pretty volatile, so we can’t say for sure whether the long-term bullish bias is entirely out of the question, but we would like to get some confirmation near term and, in all honesty, we’re getting more of a confirmation to the reverse bias than anything else.
Anyway, let’s try and get some levels in place that we can use pushing forward into the session today and see if we can use these levels to put together a bias for this morning. As ever, before we get started, take a quick look at the chart below to get an idea where things stand. It’s a one-minute candlestick chart and it’s got our primary range overlaid in black.
As the chart shows, then, the range we are looking at comes in as defined by support to the downside at 10850 and resistance to the upside at 11000.
Standard breakout rules apply, so we’ll be looking at jumping into a long entry if we get a close above resistance, towards a target of 11200. Conversely, if we get a close below support, we’ll jump in short towards an immediate downside target of 10750.
Let’s see how things play out and we’ll revisit and update tomorrow.
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