Earlier this morning we published a bitcoin price watch article that outlined the approach we would be taking throughout today’s European session. Action has now matured throughout the day and, as we head into the Asian session this evening, how did our strategy play out, did we manage to get in and out of the markets, and where will we be looking to implement our entries heading into the weekend? Take a quick look at the chart below. As you can see, today’s action has been pretty much range bound, between the parameters we highlighted this morning as being the ones to keep an eye on. These are in term support at 237.10 and in term resistance at 241.63. As such, and as a result of neither of these levels breaking during today’s session, they…
Once again we have seen some pretty volatile action in the bitcoin price during the Asian session. Having declined throughout yesterday evening, from highs around 241.63 on the day, we reach 237.10 shortly before midnight. However, we quickly bounced from this level, and are currently trading around 240 flat – just shy of yesterday’s highs at 241.63. The hope here is that we can get some further volatility during today’s European session, and draw a profit from our intraday strategy as we head into the weekend. So, with this said, what are the levels that we are watching in today’s bitcoin price, and where can we look to get in and out of the markets according to our strategy? Take a quick look at the chart. As you see, and as we have…
Litecoin is holding up fairly well at $2.955 after Bitcoin successfully retested the important support level of $235. The cryptocurrency is up 1.65 percent but it may have entered into a range of $2.500-3.160. My view above is based on the price action and the latest technical indications drawn from the daily LTC-USD price which fail to induce much confidence. Litecoin Chart Structure – Litecoin’s fall was arrested by a swift rise in the price of Bitcoin after it kissed $235. Apart from Bitcoin’s contribution, Litecoin also received good support from the 9-day simple moving average of $2.8840. $3.160 will act as the resistance while $2.500 will act as the support. Moving Average Convergence Divergence – MACD and Signal Line can be seen tracking each other’s gains…
In this morning’s bitcoin price watch piece, we highlighted the levels that we were looking to keep an eye on during the European session today. We hoped that based on the action we had seen throughout the Asian evening session on Monday, we might get a continuation to the upside and be able to enter on a break of in term resistance towards 250 flat. As it happened, we did get the break, but the momentum was unable to carry it through to our target. As a result, we are now looking at the same levels we had slated this morning as the ones to watch this evening. With this said, we are going to alter our strategy slightly in order to accommodate recent action. First up, take a quick look at the chart. As you can see, action during today’s session saw a…
In its efforts to keep money within its borders, China recently imposed a nationwide capital control law that would limit one’s ability to move money abroad. According to the recent reports, the Chinese government now requires a 20% margin on all currency forwards. It means that a bank, which has sold $100 of the currency forward, would now be required to deposit $20 at the central bank. The said law reminds one of the recent Greek crisis, where the country had taken similar steps to control the devaluation of its national currency. Like Greece, China also needs to keep its funds at home, only to battle the economic slowdown it is experiencing within. The new — and rather strict amendment — is simply aimed at fending off the greater macro-financial risks. But can…
At the end of last week, we reported that we had seen quite a lot of volatility in the bitcoin price, and that – as a result – we were switching our strategy from an intra-range to a breakout. Over the weekend, we’ve seen more of this volatility, and as such our strategy going into today’s session is unchanged. With this said, the parameters that we are looking at are slightly different from those which we were keeping an eye on on Friday. So, moving forward, what are the levels that we are watching during today’s session, and where can we look to get in and out markets according to our intraday strategy? Take a quick look at the chart. As you see, as part of the weekend’s bitcoin price volatility, there has been an overarching decline in…