Bitcoin price remains stable

In last night’s Bitcoin Price Monitoring article, we announced the price levels that would be monitored throughout the evening session.

  We mentioned that - compared to the sharp drop we saw over the weekend - the price fluctuations on Monday were quite mild, and if the price remains stable, we will make another decision internally.

     However, the price fluctuations of the previous night were still disappointing. According to our intraday strategy, in order to better enter and exit the market, we will take measures today to stabilize the situation.

     Having said that, what is the level of Bitcoin price that we are monitoring today? Can we take advantage of any small fluctuations? Take a quick look at the chart.

     As shown in the chart, today's action is strictly trading. The intraday upside price we have observed is 263.05, and the downside price is 266.78. Our current trade is close to the latter, so we will look at an upside trade.

     If we can break above 266.78, it will go to 268.96 in the short term. Since there is only a two dollar gain, it is necessary to set a stop loss around 266.5 to help us maintain a positive risk reward profile on the trade.

     Looking at it another way, a break below 263.05 (which is just below this level on an intraday basis) would again validate 260.72 as a short-term target. At this point, a stop around 264 would give us a 2 to 1 risk reward, thus keeping it attractive from a risk management perspective.