So that’s another day complete in our bitcoin price trading efforts we are pretty much halfway through the week now. The European session is over and we are about to move into the US session this evening, doing so on the back of what has been a pretty substantial amount of volatility during the session today. With any luck, we will see a continuation of this volatility during the later session this evening and, equally, during the crossover period between the aforementioned European and US sessions.
This crossover period is notorious for bringing with it plenty of volume and, especially in this market, volume almost always translates to action. So, with that mentioned, let’s get some levels outlined that we can carry forward into the session this evening and see if we can’t draw a profit from the market as and when any volatility presents itself.
As ever, take a quick look at the chart below before we get started so as to get an idea of what is on, where things stand and where we are looking to jump in and out of the markets this evening. It is a one-minute candlestick chart and it has our key range overlaid in red.
As the chart shows, the range we are looking at for the session this evening is defined by support to the downside at 4545 and resistance to the upside at standard breakout rules apply 4574, so we will enter long on a close above resistance towards an immediate upside target of 4600 flat. A stop on the trade at 4550 looks good.
Looking the other way, a close below support will signal a short entry towards 4500 flat. A stop on this somewhere in the region of 4560 gives us plenty of room to avoid a chop out while still ensuring that we are taken out in the event of a bias reversal.