ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin breaking above the in-term resistance we suggested in our yesterday’s analysis. However, our expected long position didn’t play out much well as the price reversed too quickly, and come back inside the range. Fortunately, we had out stop loss at place to bring us out in case of such a reversal action. We, therefore, managed to exit the trade on a small loss.
The sudden volatility, meanwhile, has stretched our range by a few dollars on each end. Bitcoin is currently very choppy, and there is offering enough opportunities within this new range, serving 287.01 fiat as its new in-term resistance and 279.92 fiat as the in-term support level. Our intraday breakout strategy will be focusing on these levels as we enter the European and US trading sessions.
At first, we would be looking for Bitcoin to break above the in-term resistance level to validate 289.96 fiat as our medium-term upside target. On this trade, our stop loss will be near 285.45 to help us exit the market in case of a bias reversal. This will maintain our overall risk reward profile.
Looking at other way, a run towards the in-term support would have us put a short towards 276.15, our ideal primary downside target that has been tested successfully during the yesterday’s trading session as well. A stop loss on this trade would be near 281.93 fiat would ensure our safety in case the price bounces back.