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Here's a look at what we are focusing on in the bitcoin price this evening.

So that is another day out of the way, and it has been a pretty interesting one as far as volatility is concerned in the bitcoin price. When we kicked off the session this morning, we noted that action over the weekend had been relatively flat, And that we were hoping for a spike early in the session in order to get things moving again. As it turned out, we did get the volume spike, but it pushed price down, and we ended up tradinglower than we were when we first started the session. This isnt a bad thing for our intraday strategy we get in both long and short depending on where action takes us but from a long-term holding perspective, it is not great.

Anyway, thats the way things have fallen, so lets move into this evenings session and try and outline some key levels to keep an eye on moving forward. As ever, take a quick look at the chart below to get an idea of the levels in focus.

As the chart shows, the range we are looking at this eveningis defined by support to the downside 1055, and resistance to the upside at 1065. With around a $10 range, there is just enough to go out from an intrarange perspective, so long at support andshort at resistance. Stops just outsideof the entry to define risk. From a breakout perspective, if we see price break through resistance, we will enter long towards an immediate upside target of 1075. A stop loss on the trade at 1061 defines risk. Conversely, if price breaks below support, we will enter towards 1045. On this one, a stop at 1058 will work to take us out of the trade in the event of a price reversal, and ensure that we are not stuck on thelosing end of an irretrievable position.

Charts courtesy of SimpleFX.

The rest is here:
Bitcoin Price Watch; Here's What's On Tonight - NEWSBTC - newsBTC