Bitcoin price has been declining over the last few days and as we approach the weekend, the scenario isn’t a whole lot different.
Bitcoin traders and holders have had a rough few days and analysts believe that there will not be any change in this scenario for a few more days. On the bottom, bitcoin could reach $13250 price levels and if there is a surge we could see the cryptocurrency move beyond the $14500 levels; however, all things said, it entirely depends on trader sentiments across the globe.
For those making a quick buck or two through intraday trading have had positive outcomes. Volatility is good for intraday traders and for them it doesn’t really matter that price had been declining so long as the decline brings with it breaks of key levels and subsequent sustained momentum beyond the initial break.
As we move into the session this evening, then, that’s exactly what is on our wish list. We want sustained momentum, volatility, and, only as a final addition to the list, some degree of upside reevaluation heading into the weekend.
So, with all that said, let’s get some levels in place that we can use to take advantage of this type of action as and when it plays out. As ever, take a quick look at the chart below before we get started so as to get an idea where things stand and where we are looking to jump in and out of the markets when we get the signals we are looking for.
The range we are using for tonight’s session is defined by support to the downside at 13768 and resistance to the upside at 13895. If we see price close above resistance, we will enter long towards 14000. Conversely, a close below support will signal a short entry towards a downside target of 13250.