ForexMinute.com — Ever since its impressive rise and an equally antagonized fall, Bitcoin price action has somewhat been cautious than lazy in past few days. We are seeing price bouncing to-and-fro within a strict parameter, while awaiting breakout. This has made us put our intrarange strategy on driver’s seat for a while.
With this said, we are now watching the same range we were watching last week, with a few changes. There are opportunities but they are notably less profitable than the good-old-volatile times. Let’s check out the BitFinex chart below to understand it further:
Bitcoin 4H Chart
The range we are watching today has 332.05 fiat serving as in-term resistance and 309.35 fiat as in-term support level. The last few days has shown traders taking less chances in Bitcoin market, a reason why the action has been quite lazy in recent days. Technically, the Bitcoin price is somewhat bearish and carries the possibility of pursuing downside movements in coming days.
With this said, our intrarange strategy has prioritized short positions over long. Speaking specifically for today, we are first waiting for Bitcoin to test in-term resistance only to be pull-backed later towards 319.36, our primary short target for now. In case of extended downtrend, we will be looking to place a similar short position towards 315.28, while sighting 309.39 fiat as our extreme downside target. A stop loss somewhere near 321.24 fiat meanwhile will protect us from any surprised action to the upside.
Looking the other way, a bounce back towards in-term resistance would open a natural long position for us. An extended one meanwhile will have us put our long trade towards 335.38 fiat, while maintaining our stop loss somewhere near 328.45 fiat in case the upside bias gets invalidated.