So the end of the week is here, and it’s time to take a penultimate look at the bitcoin price market before we kick off the weekend. Price has been pretty volatile across the last few days, and with this volatility has come plenty of opportunity to get in and out of the markets according to our intraday strategy. It has also altered the way we approach things a little. Because of the volatility, we’ve been able to widen out our range somewhat, and while this may sound a bit counterintuitive, we’ve got to head on in to the lower timeframes to get a more accurate representation of what we are looking at. Why? Because of the way price is displayed across the charts. This fresh year has brought with it such a wide high-low divide, that the charts…
I’m tempted to stop writing these bitcoin analyses. Everything was running smoothly until I warned of a correction yesterday, and since then, things have just gone south. Well, we got a slight correction last night, some consolidation this morning, and then when we published an analysis early morning out of Europe, suggesting we may see a further decline towards the 1000 level, things started to fall again. As the chart below will show, the bitcoin price did fall towards this level, and has in fact broken it. At time of writing, we’re currently trading somewhere in the region of 980. It’s a bit disappointing from a long term holding perspective, but from an intraday perspective, ‘t’s been pretty good. Those that were with us this…
In yesterday evening’s analysis, our core focus was preparing for a large pullback on the gains we had seen across the last week or so. We surmised that the bitcoin price couldn’t just keep rising unchecked – at some point, people take profits off the table. As it turned out, when we published our evening analysis, we were only hours away from this correction. Price reached the 1300 level (which was a natural resistance level, we’ve talked about these sorts of psychologically important levels in the past), ran along sideways with that level for a while, then collapsed. Lows reached just ahead of 1050, before price bounced a bit and then consolidated into this morning’s action. To be fair, the collapse wasn’t as serious as it might have been. ON…
When we look back at this week, and compare it to any one or two of the weeks through late October or November, the bitcoin price has moved two or three times as much during the former, than it has the latter two. Why? We don’t know. Does it matter to our intraday strategy? Not really. It’s pretty good news, since the majority of the volatility has come to the upside, and the bitcoin price has inflated considerably across the period. We pretty much hit four digits yesterday, and have since corrected a bit, but compared to where we’ve been most of the year, it looks as though we’re setting up to finish the year at a far far stronger value than that at which we started. In a year that has been jam packed with geopolitical and economic…
So the end of the week is here, and it’s time to take a penultimate look at the bitcoin price market before we kick off the weekend. Price has been pretty volatile across the last few days, and with this volatility has come plenty of opportunity to get in and out of the markets according to our intraday strategy. Earlier this morning we noted that price had dipped a bit overnight, putting the 1,000 target out of reach for a while, but that we might see a boost in volume heading in to the weekend, and that this could push the bitcoin price towards four digits. We did see something of this sort during today’s session (albeit not quite to the degree required) and we are currently trading just ahead of where we want to be moving into the Friday close. So,…