So we are off on to a fresh day of trading and we’re entering this one with some degree of optimism. Why? Because this is the first morning in a while when we’ve seen price actually maintain some strength that it picked up overnight and this could be an indication that sentiment is finally starting to turn in the space.
That’s not certain, of course, it’s more speculative than anything, but given the action we’ve seen over the last few weeks, it’s far from an unreasonable suggestion.
If this is the case, maybe price can finally find a floor in and around current levels as opposed to constantly flirting with a downside breach of the $10,000 mark and, in turn, settle into a sustained period of upside appreciation.
We’re not looking for anything massive – a nice controlled move will do – we just want to see things pick up.
So, with all this said, let’s get down to it.
As ever, before we get going, take a quick look at the chart below so as to get an idea where things stand and where we’re looking to get in and out of the markets as and when things move near term.
The chart is a one-minute candlestick chart and it’s got our primary range overlaid in green.
As the chart shows, then, the range that we are looking at for the session today comes in as defined by support to the downside at 11311 and resistance to the upside at 11434.
If we see a close above resistance, we’ll get into a long trade towards an upside target of 11600. Conversely, a close below support will have us in short towards a downside target of 11200.
Let’s see how things play out and we’ll revisit later.
Charts courtesy of Trading View