In our discussions on the bitcoin price, and our trading of it, on Tuesday, we noted that the action we had seen across the last couple of days was pretty flat. In response, we said we would trade a very tight range in the hope of getting in on a breakout entry, and that we would go for some equally tight scalp targets on the positions we took. Action yesterday afternoon put us long on a break of resistance at 422, and we targeted an upside of four dollars towards 426. We didn’t get the sustained run we had hoped for during the afternoon, and we remained long as we published the second of our twice daily bitcoin price watch pieces yesterday evening. While we remained long, we highlighted a slightly widened rage for traders not yet in a position, and shifted…
We’re heading towards the close of another European day in the bitcoin space, and things have been pretty uninspiring during the day’s session. Having remained relatively flat throughout the evening last night, we hoped we’d see some volatility throughout Europe and the US morning for a couple of reasons. The first, that we had an as yet incomplete trade running from yesterday evening – a long trade towards 426 that we entered on a break of in term resistance. The second, that we wanted to run a consecutive trade in an attempt to extend and double up on a target before we head into the second half of the week. Unfortunately, we didn’t see the volatility we’d hoped for, and we remain net long on the Tuesday evening position. With this in mind, we’re going to…
At the close of the week on Friday, we noted that we often see a big move during the weekend, and that this move more often than not comes on a Sunday. As things turned out, we did get a decent move, but it came late Friday night rather than Sunday. The chart below illustrates the move – an upside break through the level we had slated as in term resistance at around midnight on the Friday in question, which brought the bitcoin price to trade at fresh highs of 420 flat. From this level price corrected, and has been trading at or within a pretty tight range since – a range that we will incorporate into today’s trading. So, with this said, and as we head into a fresh European session today, what are the levels we are looking at in the bitcoin price on Monday, and…
Last week we had a pretty tough week in the bitcoin price market. Both our intrarange and our breakout strategies got chopped around, and we took a number of stop loss hits as a result. One thing we did correctly predict was some high volume over the weekend and – as a result – some sharp moves. Action during yesterday evening in Europe saw a steep decline of some heavy selling volume. Based on the time of the decline it’s reasonable to conclude that much of the sell off came out of Asia, as the Asian markets reopened of Monday’s session and a fresh week of trading. Since this decline, the European markets have opened and the US is just kicking off the day, and we have closed the gap on the decline. Specifically, overnight highs gave way to break and carve fresh…
It’s that time again – our final bitcoin price analysis of the week. As we mentioned this morning, we have had a pretty up and down week, but today – so far at least – has been relatively flat. Action has remained well within our predefined range, and although we have seen a small amount of upside momentum, the real bitcoin price action (i.e. the breakout action that gives us sustained momentum and decent entries) looks like its going to wait until the weekend. This isn’t a problem, but it means we’re pretty restricted as to our potential entries this evening. With this in mind, and for something a little different, we’re going to outline two approaches – one near term, and one for over the weekend. To get an idea of the first one, take a quick look at the chart…