Anybody found themselves holding bitcoin over the last few days is undoubtedly having a pretty great close to the week. Things have moved incredibly far and high in just a few short hours in the bitcoin price and, across some of the most well-known exchanges, bitcoin broke $15,000 apiece overnight last night.
Itâs time for us to put some levels together that we can try and use to draw a profit from the market on an intraday basis right now so weâre going to jump straight into it so as to avoid missing out on any of the volatility that is coming at us thick and fast currently.
As ever, then, take a quick look at the chart below before we get started so as to get an idea what happened overnight and where things stand as we head into the European session this morning. The chart is a one-minute candlestick chart and it has our primary range overlaid in green.
As the chart shows, the range that we are using for the session today comes in as defined by support to the downside at 14578 and resistance to the upside at 14746. This is a pretty wide range, so intrarange trading is an option as things stand. Specifically, long on a bounce from support towards a target of resistance and, conversely, short on a correction from resistance towards a target of support.
Looking at things from a breakout perspective, if we see price close above resistance, we will enter long towards an immediate upside target of 14800. A stop loss on the trade at 14730 defines risk nicely.
Looking the other way, if price closes below support, it will signal a downside trade with an immediate short target of 14510. Again we need a stop loss on the position and somewhere in the region of 14600 looks like it should do the trick.
Letâs see how things play out.
Charts courtesy of Trading View
Gibraltar Will Take Market-Driven Approach to ICO Rules
Gibraltar may be moving to regulate initial coin offerings (ICOs), but officials say it will be up to the market to determine what a "good" token sale looks like.
The U.K. overseas territory announ
Venezuela Claims $735 Million Raised in First Cryptocurrency Sale
Venezuelan president Nicolas Maduro is claiming that the country has raised $735 million in the first day of a sale for its controversial "petro" cryptocurrency.
Announced late Tuesday night, Madur
500 Startups, Huobi Labs to Incubate Blockchain Projects
500 Startups, the Silicon Valley startup accelerator, announced today that it is partnering with cryptocurrency exchange Huobi's incubator wing, Huobi Labs.
The two companies will support startups
Tesla's Cloud Hit By Crypto Mining Malware Attack
Electric vehicle maker Tesla has reportedly fallen victim to a cryptocurrency mining malware attack.
On Tuesday, cybersecurity software firm RedLock reported that hackers had exploited an insecure
Petro Debut: What We Learned About Venezuela's Cryptocurrency Today
The government of Venezuela published several guides Tuesday in support of the presale for its "petro" cryptocurrency.
Announcing the oil-backed token as a form of legal tender that can be used to
US Securities Regulator Rejects BitConnect Records Request
The U.S. Securities and Exchange Commission (SEC) has denied a Freedom of Information Request (FOIA) regarding the BitConnect cryptocurrency investment scheme, citing an exemption usually applied to r
Dutch Bank ING Says Crypto Exchange Bitfinex Is An Account Holder
ING Groep NV confirmed Tuesday that cryptocurrency exchange Bitfinex has an account with the Dutch bank.
According to Bloomberg News and Reuters, a spokesperson for the financial services company a
Report: Japanese Crypto Exchanges Unite to Form Self-Regulatory Group
A group of Japanese cryptocurrency exchanges is reportedly uniting to form a new self-regulatory body in the wake of the recent Coincheck hack.
According to Reuters, which cites unnamed sources clo