We are heading in to the close of the week, and it’s time to take a penultimate look at the bitcoin price. Things have been pretty volatile for the last few days, and we’ve had the opportunity to get in and out of the markets on a number of occasions. We got another opportunity overnight, as price broke through the level we had slated as in term resistance and quickly ran up through to our target. We entered on the close above resistance, as per the rules of our intraday breakout strategy, and managed to get out for a nice gain on the take profit. Having reached overnight highs of around 665 (a level we are going to come back to shortly) price corrected a little and, since then, has traded pretty much sideways into the start of the European session…
So that’s it – another week done. We started the week with a pretty boring bout of action – price traded relatively flat for the first forty-eight hours or so, and it looks as though (on the intraday charts, at least) we were going to get a repeat of the action seen last week. Flat, and essentially untradeable. How wrong we were. Looking back, it now looks as if price was simple consolidating on the back of the halving (that, and speculation regarding impact kept people out of the markets), and now that that articular event has passed, this consolidation is unwinding. It’s given us plenty to go at during the latter half of the week, and we’ve managed to draw a few decent profits from our intraday breakout scalps without having to take any real stop…
Action overnight served up some pretty wild movement, especially on the intraday level, and made it pretty difficult to be in the market at times. We set up against yesterday’s trading range with some pretty tight parameters, and were able to get in and out of the markets on a relatively swift downside break. Shortly after we closed out our trade, however, and before we had any real chance to reevaluate our predefined key levels, price reversed and gapped back to the upside (this is illustrated on the chart below). The gap didn’t last long, and filled quickly on what looks to have been a spike in sell volume at an unusual spread, and now price has carved out what seems to be a decent range with which we can head into today’s session. So, as we move…
Well, we went into the weekend expecting a considerable amount of volatility, and unfortunately, have come out of it pretty disappointed. The reward halving promised to polarize sentiment, and to some extent it did, but this hasn’t really translated to any real bitcoin price movements – at least, that is, nothing sustained. Price is down a little bit on the end of last week, and we may see some action today if volume picks up (main stream media out of the US will likely cover the halving and – in turn – draw some speculative attention to the space). Whatever happens, we are going to set up against price as per the rules of our standard intraday strategy. This way, we are able to draw a quick profit from a scalp position if price moves a bit, and also get in on…
It’s taken us a little longer than expected, but we’ve finally got some decent momentum in the bitcoin price. In yesterday’s analysis we highlighted the fact that – despite the fundamentals suggesting we might see some action – price had stayed relatively flat across the last week or so. This isn’t necessarily a bad thing, but it doesn’t make for particularly interesting intraday trading. Well, last night, price finally broke through resistance and we managed to get in and out for a quick scalp profit. It looks as though we may be correcting on the return side now, but with any luck, it’s a sign that the European session has something to give today. So, as we head into a fresh session out of Europe, and as volume picks up on the mid week push,…