It’s Thursday morning and it’s time to get moving on our twice daily bitcoin price analysis for the start of the European session. Things have been moving pretty fast throughout the session and, as many reading will almost certainly be aware, price is down pretty much across the board in the crypto space on the back of a couple of key fundamental developments. Well, the fundamental developments got things moving and this led to a whole host of collateral selling, primarily rooted in idea that people are unloading positions in anticipation of things falling further.
When we see this sort of action in the bitcoin price (and indeed in the wider cryptocurrency space), all that we can really do (from a long-term perspective) is to hold on to coins in anticipation of a return to the overarching upside momentum. Things could fall further but selling out at these levels is only going to compound the recent action and weaken the market.
From an intraday perspective, however, there’s no directional bias. We can jump in long if things start to strengthen but we won’t hesitate to get in short if things break to the downside.
So, with all this in place, let’s get some levels that we can use for the session. As ever, take a quick look at the chart below to get an idea where things stand before we get started. It’s a one-minute candlestick chart and it’s got our primary range overlaid in green.
As the chart shows, then, the range we are looking at for the session today comes in as defined by support to the downside at 11439 and resistance to the upside at 11637.
We’ll get into a long trade on a close above resistance, with a target of 11750. Conversely, a close below support will have us in short towards a downside target of 11325.
Let’s see what happens.
Charts courtesy of Trading View