Categories: Bitcoin Business

Bitcoin Price Watch; Profiting Into The Weekend

Click here to view original web page at www.newsbtc.com

So we have reached the end of the week in bitcoin price trading efforts, and as we noted this morning, it is been a pretty good week. We have seen plenty of volatility, and price has gained on aggregate to the tune of something like $300. That’s a pretty nice move for a long-term holding, and add this to the fact that we have been able to get in on a number of occasions on the volatility that has accompanied this move, and we’ve essentially won on two counts. Exactly how things are going to play out over the weekend remains to be seen. Price seems to have settled into a bit of a sideways trading pattern this afternoon, and this sort of sideways trading can make things difficult to predict. We may see a breakout to the upside, and a return to the overarching bullish momentum. However, if instead, we see a downside break, we may see a slightly deeper correction than we were hoping for. Anyway, whatever happens, let’s set up some levels against which we can trade, and see if we can draw a profit from the market as the week draws to its own close. As ever, take a quick look at the chart below to get an idea of what is on and where we are looking to get in and out of the markets according to the rules of our strategy.

As the chart shows, the range we are looking at for this evening is defined by support to the downside at 1760 and resistance to the upside at 1784. We are going to keep things simple this evening and go after price with a breakout strategy only. Specifically, if price breaks above resistance, we will look out for a close above this level to get us into a long trade towards an immediate upside target of 1800 flat. Conversely, a close below support will get us in towards 1750. A stop loss on the first trade at 1780 looks good, while a stop loss on the second position around 1764 does the job.

Let’s see how things play out.

Charts courtesy of Trading View

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.
cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Is Boris Gone Landslide and How Would Bitcoin, Markets, React?

The sun has returned on London streets as Boris Johnson, the unelected British Prime Minister, once again covers our TV… Read More

5 hours ago

California Man Admits Masterminding $25 Million Bitcoin Launder Fest

A Los Angeles man has plead guilty to a multi-million money laundering scheme. | Source: Shutterstock By CCN Markets :… Read More

5 hours ago

WORLD NEWS: This Week in Blockchain and Crypto

This week has seen interesting developments around the globe on crypto projects and governments interest in the digital assets space.The… Read More

5 hours ago

Bitcoin Circuit: Is it a scam? Read our comprehensive review!

If you are looking for ways to speculate on cryptocurrencies, then I am sure you have thought about signing up… Read More

5 hours ago

Model: Bitcoin (BTC) Price to Surge 100% to $20,000 by May

In just around nine months, Bitcoin (BTC) will see its next block reward reduction — dubbed “halving”. Despite this rapidly… Read More

5 hours ago

Early Bitcoin Contributor Projected $10 Million BTC Price 10 Years Ago

Share Tweet Send Share Just a week after the bitcoin genesis block in January 2009, computer scientist Hal Finney published… Read More

5 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More