SPONSORED ARTICLE: Tech Analysis articles are sponsored by SimpleFx - “Keep it simple!”, SimpleFX is a robust online trading provider, offering trading with Forex CFDs on Bitcoins, Litecoins, indices, precious metals and energy. Offers and trading conditions simple and transparent.
So the session is about to draw to a close out of Europe, and it’s time to take the second of our twice daily looks at the bitcoin price in an attempt to see if we can draw a profit from the markets at some point during this evening’s session.
Things have been pretty dull over the last few weeks, but volume is finally starting to pick up, and we are starting to see some decent breakouts and – in turn – a number of opportunities to get in and out of the markets according to the rules of our intraday breakout scalp strategy.
It’s a welcome change from the sideways action we were just about (reluctantly) getting used to, and one that we intend to take full advantage of as the summer ends and autumn brings with it some cooler weather and an increased screen to eyeball count.
With this in mind, then, and as we move forward into this evenings session out of Europe and beyond into the US session tonight, here’s a look at what we are going for in the bitcoin price, and a discussion of where we will attempt to get in and out of the markets according to our intraday strategy.
As ever, get a quick look at the chart below to get an idea of what’s on before we get started.
As the chart shows, we are looking at in term support to the downside at 609 flat and in term resistance to the upside at 614. The range isn’t all that different from the one we looked at this morning – albeit a little tighter.
So, specifically, we are going to look for a close above resistance to validate an upside entry towards 620 flat. A short, sweet scalp entry.
Conversely, a close below support will signal short towards 600 flat, with a stop at 611.5 defining risk on the position,
Charts courtesy of SimpleFX
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
Published by
Samuel is a currency trader, author and contributor to a number of the leading forex market publications including Futures Magazine, FX Trader Magazine and Spreadbet Magazine. He is a an avid bitcoin enthusiast with a real interest in how cryptocurrencies are likely to affect global economics in the future. View all posts by Samuel Rae