At the close of last week, we noted that the action we saw throughout the Friday afternoon session was indicative of some volatility this coming weekend. Things has been a bit up and down all week, and we managed to get in and out on a number of occasions for some quick and easy profits, but we were really looking for some sustained breakout momentum to give us a longer term opportunity. Well, that’s pretty, much what we saw. Price broke out to the upside as the weekend got going, and we managed to get in long towards a pretty substantial upside target. Having reached highs just short of 680, price then corrected a little bit, and we are now mid range just off these corrected highs. Monday early Europe is generally a little bit quiet, but when the US…
European markets have now shut for the day, and it’s the turn of US volume to control the bitcoin price. In this morning’s analysis, our primary focus was the volatility we had seen across the last seven or eight days, and the opportunity afforded to us by this volatility from a get in and out of the markets perspective. We hoped that the volatility would continue into today’s session, and to some extent it did. Unfortunately, however, the way in which the volatility affected price meant we got chopped out of a relatively short term trade for a stop loss hit, and that we are now net flat in the market. There’s plenty of opportunity to pick up a profit going forward, however, so let’s take a look at how we expect things to play out this…
Bitcoin Price Key Highlights Bitcoin price has been trading inside an ascending channel since the start of the month. Price made a strong bounce off the channel support on Friday on heightened risk aversion, triggering a climb to the top. If the channel resistance holds, another test of support could be in the cards. Bitcoin price appears to be encountering resistance at the top of the ascending channel visible on the 1-hour time frame. Technical Indicators Signals The 100 SMA is still above the longer-term 200 SMA, confirming that the path of least resistance is to the upside and that the uptrend could carry on. If you’re bullish on bitcoin price, better wait for an actual test of support at $665 near the 100 SMA if you’re planning on catching the…
Bitcoin Price Key Highlights Bitcoin price underwent additional volatility and sold off yesterday but it appears to be testing another support area. Price is forming an ascending channel pattern on its 1-hour time frame and might be due for a bounce towards the resistance. Technical indicators are also suggesting that buyers could regain control. Bitcoin price could be due for a bounce off this support zone and technical indicators appear to be in agreement. Technical Indicators Signals The 100 SMA is crossing above the longer-term 200 SMA to confirm that the uptrend could carry on. In addition, the moving averages line up with the channel support, adding to its strength as a floor. If a bounce takes place, bitcoin price could head up to the top of the channel…
The markets are about to draw to a close in Europe, and it’s time to take our second look of the day at the bitcoin price. Things have been pretty up and down over the last twenty four hours or so, and we’ve been going at the markets with a pure scalp breakout focus. Intrarange hasn’t really been an option based on the narrow predefined ranges we’ve been working with. Action today hasn’t disappointed, and we’ve managed to get in to a long entry based on a break and a close above our predefined resistance a little earlier on this afternoon. Immediately post entry, price broke back within range and it looked for a minute like we might get taken out of the trade for a loss on a stop hit. Luckily, however, price reversed once again to the…