ForexMinute.com — Nobody have a clue why it is happening, but its still a beautiful sight to all Bitcoin holders. The digital currency, after breaking some really tough resistance levels in recent rally, further set a milestone by jumping above the 450-mark.
Our intraday breakout strategy published yesterday somewhat predicted such volatile movements, but never betted on the price’s extension towards the 450-mark. It is genuinely surprising for even us to watch price go to the moon, and is therefore putting us in a position to hold our funds for a while, considering we already have over a $100 profit on each Bitcoin, thanks to the 70% surge within a month.
We are therefore wondering to break free from intraday trading for a while. Nevertheless, we are still watching the price action closely for any possible downside corrections. In that case, we have our risk assessment protocols at place.
So what are we watching today in this bullish market, have a look:
Bitcoin 4H Chart
The range we are watching today has been revised to a new one, where 448.55 fiat is serving as in-term resistance and 411.69 fiat as in-term support level. While we are trying to wait on our holdings, as stated above, we would still be watching out for corrections to sell at suitable levels to ensure maximized profits.
With that said, a rally further above in-term resistance would have us put a separate long trade towards 473.64 fiat while keeping our stops near 440.00 fiat to get us out of the market in case of an unannounced correction.
Looking the other way, any sign of intrarange pullback will us put a short towards in-term support, while maintaining our sights towards 403.54 fiat as our immediate downside target. On this trade, a stop loss somewhere 422.69 would help us minimize risks.