So that is another day finish within our bitcoin cost trading attempts and also — yet again — we have had a fairly decent one. As soon as we trade against a background of the type of marketplace conditions that we have seen during the past couple of weeks, it is difficult not to draw a profit out of the marketplace. We are not being cocky in stating that, there are a number of conditions where it is not possible to pull a gain. That said, we have always got to be more cautious when things are moving well. Cost can only travel so much before adjusting and, while we’ve seen some amount of short-term correction in the markets during the past few times, things are extremely much with all the bulls and that may only last as long. After the correction does finally come, clearly, we can only change our strategy to one which favors the drawback and operate from that point. Provided that our goals are not overly competitive and also our stops are tight enough to ensure we do not get trapped on the incorrect side of the irretrievable loss (but also not overly tight that we maintain getting chopped out), we are going to be OK.
As ever, have a fast glance at the graph below to get an notion of where matters stand before we proceed into the late night US session tonight. It is a one-minute candlestick graph and it has got our key variety overlaid in red.
As the chart shows, then, support comes in at 3240 and resistance come in at 3282. Price is trading right at the latter of these two levels right now, so we’re on the look out for a close above this level to validate an immediate upside entry towards a target of 3310. A stop at 3272 defines risk nicely.