Our analysis this morning highlighted the range we would be focusing on throughout the European morning session, and since publication, we’ve not really seen too much movement. The bitcoin price remains well within the predefined parameters, and we decided not to bring our intrarange strategy into play, so as yet we remain out of the market and net flat for the day. As a result, and to make things a little more interesting this evening, we are going to focus on our scalp framework. Specifically, we’re going to narrow our chart’s timeframe, and trade a super tight range against a breakout framework with equally tight targets and risk management parameters. So, with this in mind, here’s what we are looking at this evening. As the chart shows, the range we are going…
Yesterday we mentioned that, as a response to the tight, sideways action we had seen throughout the afternoon session in the bitcoin price, we would tighten up our range but set up against a possible sharp move on the back f price breakouts. As things turned out, we got just this move. Unfortunately, from a long term holding perspective, the move didn’t come in the direction we’d hoped. From action yesterday morning it was looking more likely that we would see 500 flat before we broke 400 again – now, not so sure. Having said this, from an intraday perspective and for our short term strategy, the move was a good one. We entered short on a break of support and almost instantly took out our downside target for a small, but solid, scalp gain. Today is a fresh…
Before we get started on this evening’s analysis, there are two things worth pointing out from this morning’s publication. The first, that we remain well within the range we slated, which likely means that we’ve seen the end of last’s night’s decline, at least temporarily. Second, that we did get a brief correction, and we managed to pick out the reversal point almost to the cent. Bragging rights aside, why is this important? Well, it validates our upside key level (i.e. resistance) and suggests there’s probably no justification for revising that level for tonight’s session. We may bring support a little higher in an attempt to tighten things up and get in on a scalp trade (more on that shortly), but as things stand, our topside looks nicely defined. So, as we…
Yesterday afternoon, our bitcoin price watch article highlighted a bunch of key levels, and in the article, we were able to define a classical pattern that suggested – from a technical perspective, at least – we were set for a continuation of the downside break we saw a little earlier in the day. A look at the action that succeeded our analysis shows a mixed response to our predictions. We did get a break below the upwards sloping triangle that we had highlighted as the pattern to watch, but the bitcoin price failed to reach our downside target of in term support. We got within a couple of dollars of taking out the trade for a profit, but reversed within an hour and returned to some corrective strength. For the longer term holder, of course, strength such as this…
Its been a bit of an odd day in the bitcoin price markets. Having initially kicked off the European session with some interim gains, the bitcoin price reversed pretty sharply from intraday highs and collapsed to reach lows just shy of where things currently sit. This has two implications for tonight’s session. The first, that we have a nicely defined intraday range that gives us something solid to trade throughout Asia. The second, that in spite of this range, its going to be difficult to form a central bias – at least near term. Without any consistency in overarching momentum, we are going to head into tonight’s session with a completely open mind. This isn’t necessarily a disadvantage – we set up our strategy to incorporate exactly this type of uncertainty – it…