Returns from Bitcoin price fluctuations

Over the past few weeks, we have been watching the price of Bitcoin as we attempt to enter and exit the market following our intraday breakout strategy. For a variety of reasons, Bitcoin price volatility has been relatively mild, which has made it difficult for us to effectively execute our strategy. The lack of volatility in the price of Bitcoin, both up and down, often keeps us out.

Fortunately, we use a fairly tight stop loss on most of our trades, so our losses on losing clients were not enough to cripple our account. However, with this in mind, we did make quite a bit of moves over the weekend.

Initially we got a trade just below 295 which is a new level we haven't seen in the last few weeks and has since broken through the bottleneck of 280. So what price will we be looking at during tonight's Asian session?

Can we enter and exit the market and profit from the price action we are experiencing at this moment? Take a quick look at the chart below.

As you can see, the price dropped to 286.43 (now this level is used as a comparison standard) and today we are trading flat with resistance given to us by 290. These are the two levels we will be looking at in today's session.

We will try to break through 290 to achieve the medium term target of 294.34. In this trade setup, a stop loss around 288.5 will remain attractive from a risk management perspective.

Alternatively, a break below 286.43 would confirm the medium-term bearish bias, while the initial downside target is 282. The stop loss for this trade is around 287.5, which will keep the investment risk small.