With closing in on the end of the day Monday out of Europe and all we can say about the session today is that the bitcoin price and its volatility has not been for the fainthearted. Right now, things are trading in and around $10,500 – down considerably on the price 24 hours ago and looking likely to weaken further as the US afternoon matures into US evening.
Exactly what this means longer-term remains to be seen. Sentiment is clearly still somewhat weakened subsequent to the overarching downside price action we saw throughout the last seven days and, while markets are looking for some degree of recovery, it’s going to take a real shift in the just mentioned sentiment to get things turned around and moving back up towards 2018 highs.
We are going to roll with the punches and try to put some levels together that we can use to take advantage of whatever happens in the market over the coming 12 hours or so, so, let’s do just that.
As ever, take a quick look at the chart below before we get started so as to get an idea where things stand and where we hope to jump in and out of the markets as and when things move. The chart is a one-minute candlestick chart and has our primary range overlaid in green.
As the chart shows, the range that we are looking at for the session today comes in as defined by support to the downside at 10,438 and resistance to the upside at 10,618.
If price closes below support, we will enter short towards a downside target of 10,300. Conversely, a close above resistance will have us in long towards an upside target of 10,750.
Stocks on both positions will ensure we are taken out if things turn against us.
Let’s see what happens and we will update first thing tomorrow.
Charts courtesy of Trading View
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