Bitcoin Market Focus: Buyers Take Control

Translation: spring_zqy

Bitcoin Market Focus: Buyers Take Control

Here's what Bitcoin is doing in Asia this afternoon and tonight

Earlier this morning we published the first of two daily Bitcoin market analyses. Based on the sideways movement shown by the 24-hour data, we predict that today's intraday movement will be either bullish or bearish, so that we can see objective movement under our breakout strategy and benefit from it.

Today's move is ripe, and we are about to see data from the US in the afternoon, followed by data from Asia in the evening. So what do these moves today tell us, and where should we buy or sell tonight? Please see the table below. As shown in the above figure, today's move is giving us the breakout we were looking for, and we can make a considerable profit when we short.

Based on this, we can see a new price range with support at 411 and then flat, with resistance rising to 415.43. This morning, the range we are watching gives us the opportunity to play the big market strategy, which we have not yet implemented, but the price action today can tell us if it can be realized tonight.

So, go long at support and short at resistance. Then, as always, close out when price moves to the other side of your entry to hedge your risk.

Looking at these breakouts, a breakout above resistance means a long position, and a stop loss of 412 can avoid the risk of holding the position. A target of 424 is a good reference coefficient for the risk range. Conversely, closing a position below support means that the short position will drop to 407, and then a stop loss of 413 can also avoid the risk.