Bitcoin Price Watch; Here’s What’s On Tonight

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We’re about to shut out the session in Europe and it’s been a pretty strong day so far as our trading within the bitcoin price goes today. Once we first kicked off our analysis this morning, things were a bit of shaky. That's, we weren’t entirely sure how the session would play out, given that the action we had seen overnight was somewhat volatile.

We said we were hoping for a point of appreciation heading into the early session and – because it seems – that’s exactly what we got.

The bitcoin price ran up into the European afternoon after which, because the US session got underway and the markets crossed, the momentum compounded and we were capable of jump into a few good breakout trades.

Since these have played out, we’ve seen a period of consolidation and this bodes well for what happens going forward. Namely, we need to see a breakout from this consolidation period and – ideally – we’d prefer it to be to the upside.

So, with this noted, what levels are we taking a look at for the session this evening? Check out the chart below to seek out out. It’s a one-minute candlestick chart and it’s got our primary range overlaid in green.

Because the chart shows, then, the range we are taking a look at for the session this evening is available in as defined by support to the downside at 16099 and resistance to the upside at 16300.

We'll initially lookout for a close above resistance to validate an instantaneous upside entry towards a target of 16400 flat. A stop on the trade at 16275 looks good. If we see price close below support, we’ll get briefly towards a downside target of 16000. A stop on this one somewhere within the region of 16125 should define risk nicely and can get us out of the trade if things turn against us.

Charts courtesy of Trading View

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